Vodacom has signed transaction agreements with Royal Bafokeng Holdings and Thebe Investment Corporation, the preferred strategic partners selected to take part in the mobile operator's black economic empowerment (BEE) initiative.
The transaction agreements were signed with both parties on 20 June, Vodacom said in a media statement.
"Vodacom will be announcing the details of the broad-based BEE transaction in the third quarter of this calendar year," it says.
Last year, Vodacom's empowerment deal was estimated to be worth R7.5 billion, or 7.5% to 10% of the mobile giant's entire shareholding.
Vodacom said in April that broad-based strategic partners would get 45% of the BEE stake.
The rest of the empowerment shareholding is to be shared between Vodacom SA staff, who get 25% of the empowerment slice. Black South African members of the public and Vodacom black business partners get a 30% of the stake.
Earlier this month, the Tiger Consortium filed an interdict in the Johannesburg High Court to try to force the mobile operator to include it as part of the black business partners.
Tiger Consortium spokesman Jacobus van Schalkwyk argued that Vodacom should include it in the deal, as the black business partners ear-marked to take part in the BEE deal were also members of the consortium.
The consortium lost the case, and was ordered to pay Vodacom's legal costs, including that of two senior counsels.
Related stories:
Vodacom BEE case dismissed
Battle erupts over Vodacom BEE
Share