South African telecoms firms have either carved out towers businesses or sold them to tower companies, a move also seen globally, as a way to monetise part of the business and keep a chunk for future gains or use the proceeds to fund fast growing services like fintech.
The tower company will be 100% owned by Vodacom Group and intends to announce the managing director of the business in due course, Vodacom Group chief executive officer Shameel Joosub said in a statement.
"During the past quarter we made good progress on the optimisation of our assets, which in the medium term will also positively contribute to bridging the digital divide."
Vodacom, majority-owned by Britain's Vodafone, said group revenue for the quarter ended on 30 June rose to R26.1bn ($1.53bn) from R24.8bn in the same quarter last year.
($1 = 17.0740 rand)
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