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HomeMisc NewsTech NewsGhana approves Telecel take over of 70% stake in Vodafone

Ghana approves Telecel take over of 70% stake in Vodafone

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Ghana has granted Vodafone International Holdings approval to sell its 70 percent stake in Vodafone Ghana to Telecel Group, the country’s telecoms regulator said on Monday.

The National Communications Authority (NCA) approved the sale after Telecel submitted a revised financial and technical proposal in December. The NCA had turned down an initial sale plan submitted by Vodafone Ghana early last year as it did not meet the required regulatory standards.

The NCA said that the revised proposal provided more clarity on the funding required for the transaction and met the regulatory threshold.

NCA said Telecel strengthened the overall governance and management team and made firm commitments towards meeting the regulatory requirements of the NCA.

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“Based on the above, the NCA confirms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention,” it added.

The NCA, therefore, assured the general public and all stakeholders that it would continue to work with Vodafone Ghana and Telecel to complete all outstanding regulatory requirements to ensure a smooth transition as well as continuity of service delivery and improved choice for consumers and competition within the industry.

Vodafone Ghana began operations in 2008 when its parent company paid the government $900 million for 70 percent of the then Ghana Telecom Company Limited.

The government still maintained 30 percent stake in the company.

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