(Updates with quotes, context)
By Katharine Houreld
NAIROBI Feb 28 Vodacom's Tanzanian subsidiary
received approval on Tuesday to list on the Dar es Salaam stock
exchange and aims to raise 476 billion shillings ($213 million)
in the initial public offering (IPO), the market regulator said.
Vodacom plans to sell 560 million shares at 850
shillings each, said Charles Shirima, a spokesman for the
Capital Markets and Securities Authority.
The IPO is scheduled to take place on March 6 and would be
restricted to national investors, he said.
"According to the law, it is only open to Tanzanians,"
Telecoms companies were required by law to have 25 percent
local ownership by Dec. 31, 2016. However, IPOs have been
delayed as companies address issues raised by the regulatory
Shirima said offerings from the other two major operators -
Millicom subsidiary Tigo and a local unit of India's
Bharti Airtel - were being evaluated but he could not
give a timeline for approval.
The government hopes the move will bring more transparency
and offer the public a share in the industry's profits.
Telecommunications is one of the fastest-growing sectors in
($1 = 2,230.0000 Tanzanian shillings)
(Reporting by Katharine Houreld; Editing by Susan Fenton and