Local Internet service provider (ISP) Vodacom World Online has changed its registered name to Tiscali but will continue to trade as World Online. This follows the sale of Vodacom`s remaining 40% stake in the company to Tiscali, the European communications company.
Vodacom sold its shares to Tiscali, a Milan Stock Exchange-listed company, after deciding to dispose of non-core business and refocus on its voice activities. One of the conditions of the sale was for World Online to become a Vodacom service provider, selling cellphone handsets and Vodacom airtime.
Tiscali, boasting seven million active subscribers and operations in 15 European countries, acquired Dutch-based World Online a year ago. World Online partnered with Vodacom in SA in 2000 to merge a number of ISPs. Tiscali initially bought 50% of the business from Vodacom, later acquiring a further 10%.
Says Graeme Victor, MD of World Online: "The name change and 100% ownership by Tiscali is only to World Online`s advantage and enables the company to grow substantially. We will now become a communications company that can offer data and mobile solutions, something which nobody else can currently do."
Tiscali is also fully committed to the South African and other African markets and is already represented in Botswana.
He says World Online`s strategy for the year is to continue to grow the group`s earnings before interest taxation by growing the business-to-business and business-to-customer connectivity, related services and portal revenue.
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