{"id":11076,"date":"2012-06-04T22:47:57","date_gmt":"2012-06-04T20:47:57","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/update-1-drc-court-suspends-auction-of-vodacom-unit-shares\/"},"modified":"2012-06-04T22:47:57","modified_gmt":"2012-06-04T20:47:57","slug":"update-1-drc-court-suspends-auction-of-vodacom-unit-shares","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-drc-court-suspends-auction-of-vodacom-unit-shares\/","title":{"rendered":"UPDATE 1-DRC court suspends auction of Vodacom unit shares"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Auction suspended due to “legal proceedings”<\/span><\/p>\n

<\/span><\/p>\n

* Vodacom in long-standing battle with Congolese partner<\/p>\n

(Adds details)<\/p>\n

<\/span><\/p>\n

JOHANNESBURG, June 4<\/span> (Reuters) – The Democratic Republic of
\nCongo Supreme Court has suspended a planned mandatory auction of
\nshares in the local unit of South African mobile phone provider
\nVodacom, the parent company said on Monday.<\/p>\n

<\/span><\/p>\n

The auction was planned for June 3 but was suspended pending
\nthe outcome of “certain legal proceedings”, the group said in a
\nstatement, without giving further details.<\/p>\n

<\/span><\/p>\n

Vodacom, a unit of Britain’s Vodafone Plc, said on
\nMay 21 it would fight a court ruling which said that it must pay
\n$21 million in fees to local consultant Namemco Energy or face
\nthe sale of all its shares in the Congolese unit.<\/p>\n

<\/span><\/p>\n

The company was already locked in a long-standing battle
\nover fees with its partner in the DRC, Congolese Wireless
\nNetwork.<\/p>\n

<\/span><\/p>\n

It had been looking at options to exit the business, but
\nthat process has been halted by the suit from Namemco.<\/p>\n

<\/span><\/p>\n

The value of the unit is also disputed. Congolese Wireless
\nNetwork chairman Alieu Conteh told Reuters in 2010 that Vodacom
\nCongo was worth more than $1.5 billion, a figure Vodacom quickly
\ndescribed as “ludicrous”.<\/p>\n

<\/span><\/p>\n

Vodacom’s major African operations are in South Africa, the
\nDemocratic Republic of Congo and Tanzania, where it is fighting
\nto defend market share from larger competitors such as MTN Group
\n and India’s Bharti Airtel.<\/p>\n

<\/span><\/p>\n

Vodacom shares in Johannesburg were up 0.48 percent at
\n102.15 rand at 1001 GMT compared with a 0.31 percent fall in the
\nJSE Top-40 index of blue-chip companies.\t<\/p>\n

(Reporting by Agnieszka Flak; Editing by Ed Cropley)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

* Auction suspended due to “legal proceedings” * Vodacom in long-standing battle with Congolese partner (Adds details) JOHANNESBURG, June 4 (Reuters) – The Democratic Republic of Congo Supreme Court has suspended a planned mandatory auction of shares in the local unit of South African mobile phone provider Vodacom, the parent company said on Monday. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-11076","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=11076"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11076\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=11076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=11076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=11076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}