Transaction gets approval of Independent Communications Authority of South Africa
Tata Communications announced that the Company vide letter dated 28 June 2016 had informed to Stock Exchange that Liquid Telecom, a pan-African telecoms group, majority owned by Econet Wireless Global, had entered into an agreement to acquire South African communications network operator Neotel, which is a subsidiary of the Company.Thereafter, vide letter dated 08 November 2016, the Company informed to Stock Exchange inter-alia that the Board of Directors of Tata Communications, at its meeting held on 08 November 2016 recommended to the shareholders of Neotel, the sale of the entire shareholding in Neotel, subject to approval of the Independent Communications Authority of South Africa (ICASA).
Neotel has now informed that they have received unconditional approval from ICASA for acquisition of Neotel by Liquid Telecom which is another step towards closing of the transaction.
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