Vodacom, Absa target Sh21bn extra dividends in Kenya deals

Vodacom Group, Safaricom's parent, completed the acquisition of an additional 15% stake in Safaricom for Sh204.3 billion. Nedbank has bid for a 66% stake in NCBA, while Absa Bank is buying an additional 16.5% stake in its Kenyan unit through a tender offer. These three South African multinationals are set to receive at least Sh21.5 billion in extra dividends from Nairobi-listed firms, based on recent payouts. South Africa's slow growth and mature sector are pushing its biggest banks and firms to expand into high-growth markets like Kenya, a gateway to the East African Community.