Uys, who also holds a senior leadership role at Maziv investor Remgro and who is a former CEO of Vodacom Group, was speaking to Sunday Times journalist Chris Barron in an interview published on Sunday paywall. He told Barron that the tribunal's rejection of the merger makes a mockery of government assurances to investors that South Africa is open for business.
On 29 October 2024, the tribunal surprised the merging parties, which had agreed to a range of conditions they believed would have allowed the deal to proceed, by announcing it would side with the recommendation of the Competition Commission that the deal be blocked on competition grounds. The tribunal has not yet provided the reasons for its decision.
- Investing at least R10-billion over a five-year period, predominantly in low-income areas
- Passing at least a million new homes in lower-income areas over a five-year period
- Creating up to 10 000 new jobs
- Establishing a R300-million enterprise and supplier development fund to prioritise the development of small businesses
- Providing high-speed internet to over 600 adjacent schools and police stations at no cost and
- Vodacom investing up to R14-billion into South Africa through the transaction.
"I am deeply surprised and disappointed by the tribunal's decision. South Africa desperately needs additional significant investment, especially in digital infrastructure in lower-income areas, said Joosub.
Our investment of up to R14-billion would have changed millions of lives and created thousands of jobs. This comes after the concerns of our competitors, involved in the competition hearings process, and the department of trade, industry competition were comprehensively addressed through remedies and commitments by the parties," he said. 2024 NewsCentral Media
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