According to the National Communications Authority (NCA), the transfer of the 70% majority of Vodafone Ghana’s shares to Telecel group has been approved.
It clarified in a press release on Monday that this is dependent on the NCA’s consideration of the concessions made by the Telecel company.
The Authority claims that this is in accordance with the assessment of the updated proposal from the Telecel Group.
Vodafone International Holdings B.V. is the owner of the Vodafone Ghana shares.
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The NCA received a request from Vodafone Ghana in January of last year for the transfer of 70% of its parent company’s majority-owned shares to Telecel.
“In accordance with due process, the Authority evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel group. The NCA concluded that the request did not meet the regulatory threshold for approval to be granted.
“Following the decision, Vodafone International Holdings B.V resubmitted a revised financial and technical proposal in December 2022 which demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions,” the NCA said.
The NCA said it “found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both International Holdings B.V and Telecel group.
“In addition, the Telecel group has strengthened the overall governance and management team and made firm commitments towards meeting the regulatory requirements of the NCA.”
The Authority stated that based on the information above, it was certain “that the revised proposal from Vodafone International Holdings B.V now meets the regulatory threshold and hence has granted conditional approval for the transfer of shares to the Telecel group including the submission of strategies for employee retention.”
The NCA gave the public and all stakeholders the reassurance that it would continue to work with Vodafone Ghana and the Telecel group to finish up any unfinished regulatory requirements in order to ensure a smooth transition, continuity of service delivery, improved consumer choice, and industry competition.
Source: Myjoyonline