Vodacom could be headed for a seperate listing on the JSE if Vodafone buys an increased stake in the company, which is currently jointly owned by UK-based Vodafone and Telkom.
Vodafone, which yesterday released its six-monthly results, could be planning to list as much as 30% of the local cellular operator if it takes up Telkom's shareholding.
The company is pursuing a strategy of growing its investments in emerging markets.
It will review its options and expects to make an announcement in about two months time.
Vodacom is valued at about R150-billion.