Tanzania's Ali Mufuruki to own majority stake in Wananchi Group Holdings Limited
The Tanzanian businessman and founder of Infotech Investment Group, Ali Mufuruki, has announced his plans to acquire a 50% stake in the Kenya-based Wananchi Group Holdings Limited.
The businessman currently has a 1% stake in the firm, and so on approval of his acquisition, Mufuruki will have majority shares in the firm.
The Fair Competition Commission (FCC) confirmed that it will be reviewing the shareholding bid of the internet and pay-TV service provider and parent group of Zuku TV.
Wananchi Group Holding Ltd provides both residents and corporate customers with home entertainment and communication services.
The purchase proposals will be investigated in line with the Fair Competition Act’s provisions and rules.
Parties that are interested in the merger have been advised by the FCC to register interests or objections in order to aid the decision.