Vodafone to List Ghana Unit on Local Stock Market After Debt Restructuring

Vodafone's Ghana business plans to list on the local stock market after restructuring its loans, the head of the local unit told Reuters on Tuesday. Yolanda Zoleka Cuba said Vodafone was in talks with the West African country, which owns a 30 percent stake, to restructure its debt, the International New York Times reported on a Reuters story. The world's largest mobile group by revenue paid $900 million for a 70 percent stake in state-run Ghana telecom in 2008 while the government retained the remaining 30 percent with an enterprise value of around $1.3 billion at the time. The company had said plans to return the business to profit after an additional $1.2 billion investment were hampered by Ghana's failure to fulfil its financial obligations as minority holder. Read more. (Subscription required.)