Tanzanian govt completes deal to buy TTCL

27 Sep 2016

The government of Tanzania this week regained full ownership of the country’s PTO Tanzania Telecommunications Company Limited (TTCL), following the signing of a memorandum of understanding (MoU) in June this year with minority shareholder Bharti Airtel of India. As previously reported by TeleGeography’s CommsUpdate, the 35% stake has been valued at around TZS14.6 billion (USD6.7 million), with Bharti Airtel having already rejected a TZS5 billion offer from the government in November 2014. The MoU was signed in Dar es Salaam on 23 June by the Treasury Registrar, Lawrence Mafuru, and the CEO of Bharti Airtel Africa, Christian De Fariasees, to transfer Airtel’s 35% stake in TTCL to the state. TTCL’s Board Chairman, Professor Tolly Mbwette, was cited as saying that the repossession of shares will allow the operator to implement its business strategy, while it is noted that TTCL – the country’s oldest operator and largest fixed line player — plans to list on the Dar es Salaam Stock Exchange as part of its five-year plan to raise USD330 million to improve and expand its operations. Talks with Bharti Airtel lasted six years and were delayed by wrangling over price.

Tanzania,Bharti Airtel, Tanzania Telecommunication Corporation,

Subscribe



Feedback

Have feedback, corrections, or story ideas? Send them to editors@commsupdate.com.

Browse Past Issues

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share