South Africa’s Vodacom Group fights to keep majority stake in Safaricom

South Africa’s Vodacom Group stated it will appeal and seek a stay order to retain its majority ownership in Safaricom after Kenya’s High Court nullified its acquisition of an additional 20 percent stake in the telecom company. The court ruled that the National Treasury concealed material information regarding the sale of its 15 percent stake in Safaricom, which resulted in Vodacom taking a controlling 55 percent stake in the Nairobi Securities Exchange-listed firm.