VenFin and Vodafone have reached agreement on how to divide the 5% stake in cellular group Vodacom that they are buying from Hosken Consolidated Investments.
Vodafone will end up with 3.5% of Hosken Consolidated Investments` 5% stake in cellular group Vodacom while the remaining 1.5% will go to VenFin.
The move brings their Vodacom shareholdings to 35% and 15% respectively.
The groups announced previously that they had agreed to buy the 5% stake for R1.5 billion, but the portion each would acquire had not been finalised.
VenFin gave an irrevocable undertaking to HCI that on or before 20 December it would accept the offer to buy the percentage of the Vodacom interest that Vodafone Group had not irrevocably agreed to accept.
HCI has said previously that it will use the funding to buy back 75% of its ordinary shares. HCI has debt of R900 million on its books.
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