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Bharti Airtell surrenders 35% stake in state-owned Tanzania Telecommunications Company

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Bharti Airtel has surrenderedTTCL its 35% in the state-run Tanzania Telecommunications Company (TTCL) ending a bale game betweenthe two entities and now thw govenemnt will fully run the organization.

The Deputy Minister for Communication, Science and Technology, Mr January Makamba told the National Assembly that the move will allow the government to inject more funds for the development of the company, making it more effecive to its customers.

“We have held talks with Airtel and I am glad to tell the House that now the government will have 100 per cent share in TTCL as the latter has agreed to surrender its shares,” he said.

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The Daily News Tanzania repors that previous talks between the two entities took long because the telecom’s laxity.

Finance Minister, Ms Saada Mkuya Salum said that the government negotiation team agreed with Bharti Airtel that the state will pay 14bn/- as compensation to allow the firm truly become state owned.

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“Previously, Bharti Airtel wanted to be paid 21bn/- as compensation but after negotiation with our team, the amount was later reduced to 14bn/-. We are going to pay this,” she noted

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Susan Mwenesi
Susan Mwenesi
Interested in business, technology and all things startups in Africa!

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