Vodacom says it is aware of several good business opportunities, but a shareholders` agreement prevents it from taking advantage of them.
CEO Allan Knott-Craig, speaking at the presentation of the cellular network operator`s results for the year to March, said the group was considering alternative markets should its bid to buy a controlling stake in Nigeria`s VMobile fail.
Earlier this week it was announced that Vodacom had agreed to form a consortium with the Virgin Group to put in a bid.
Yesterday it emerged that VMobile`s directors had been sent a formal notification, a "form 48", from Econet Wireless International (EWI). According to this notification, the VMobile directors will be cited for contempt of court if they attempt to do anything, such as selling, transferring or in any way alienating EWI`s shares that would prejudice its disputed rights in VMobile.
"We have our eyes on alternative markets should we not succeed in Nigeria," Knott-Craig says.
However, the group is restrained by a shareholders` agreement that limits where it can do business.
Vodacom`s shareholders are Telkom (50%), VodaFone (35%) and VenFin (15%).
Knott-Craig adds that Vodacom is frequently asked to participate in bids in various countries.
"Middle East, North Africa and South America have good opportunities and we look forward to the day when we can have a go at these opportunities."
Asked why Virgin had to be involved in the Nigerian bid, Knott-Craig said the bid needed to have a breadth that Virgin could provide. "It would create a more acceptable bid. They also bring a lot on the marketing side," he said.
But even in SA, Vodacom still believes there is a lot of potential. Knott-Craig says there are now 23 million cellphone users in the country, with Vodacom subscribers accounting for 12.8 million.
Knott-Craig says he believes the market could grow quickly to 31 million users.
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