Tanzanian businessman Mufuruki eyes 51% stake in Wananchi
07-05-2018 10:58:00 | by: Andrea Ayemoba | hits: 4177 | Tags:

Tanzanian businessman Ali Mufuruki is seeking to take over control of Wananchi Group Holdings by acquiring a 50 percent shareholding, reports The Citizen. Currently, Mufuruki holds 1 percent of the total shares in the Zuku TV parent company. Once the purchase of the other shares is approved, his stake in the internet and pay-TV service provider will increase to 51 percent.

The Fair Competition Commission (FCC) announced on its website that it is currently investigating the intended acquisition, in line with the provisions of the Fair Competition Act and procedure rules. The FCC invited interested parties  to register their interests or any objections, and file any information that will assist the FCC in reaching a just and reasonable decision with regard to the acquisition.

Wananchi Group provides home entertainment and communication services to residential and corporate customers. Its residential services include internet through its fibre optic network, DTH satellite pay-TV services, and acquiring and originating programming for its own pay-TV channels. It started off as Wananchi Online in 2000 with Kenya’s Joe Mucheru and former CEO Njeri Rionge among its founders.