Safaricom’s Ethiopia partners have right to buy back 2.8pc stake

Safaricom disclosed that its co-investors in its Ethiopia subsidiary retain the right to buy back the 2.78% stake they lost after a cash call. The capital injection raised Sh21.3 billion, increasing Safaricom and Vodacom's combined stake from 57.41% to 60.19%. Minority shareholders Sumitomo, BII, and IFC did not participate, resulting in their combined stake falling to 39.81%. The shareholders' agreement allows them to claw back their lost stakes in the future by purchasing shares directly from Safaricom and Vodacom or through proportional capital injections.