IPO Success in Africa
Check out this BBC report for the details.
Vodafone Group plc (NYSE: VOD) still retains a fair chunk of the operator -- its majority-owned joint venture, Vodafone Kenya, has retained all of its 40 percent stake in Safaricom. The Kenyan government raised about $833 million by selling a 25 percent stake in the IPO: It still owns 35 percent of the operator.
There's clearly plenty of telecom growth potential in Kenya, as Vodafone isn't the only Tier 1 operator that's invested in the country -- a consortium led by Orange (NYSE: FTE) took control of incumbent Telkom Kenya in November 2007. (See FT Adds to African Assets.)
And, according to Vodafone, the Kenyans are receptive to new, pragmatic services, such as mobile-based money transfers. (See Vodafone Eyes Emerging Acquisitions.)
— Ray Le Maistre, International News Editor, Light Reading