Grapevine

By Standard Media
Sep 20, 2024

Madagascar tycoon to buy Zuku parent firm Wananchi Group

Wananchi Group, which owns the Zuku brand, is planning to sell the company to Axian Telecom Fibre of Mauritius.

According to filings that the two companies have made at the Comesa Competition Commission, Axian will acquire 99.63 per cent of Wananchi. Axian Telecom Fibre, the filings show, is a newly incorporated subsidiary of Axian Telecom Ltd.

Axian, owned by Hassanein Hiridjee of Madagascar, has operations in several Comesa markets. Among the firms owned by Axian include Tanzania’s telecommunication firms Tigo and Zantel.

The regional competition watchdog noted that it had received a notification “regarding the proposed acquisition by Axian Telecom Fibre Limited (acquiring firm) and Wananchi Group (Holdings) Limited (target firm)”.