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UK telecom company, Vodafone Group Plc is exploring alternatives to increase the performance of its African business.

According to a report by Bloomberg, the telco has indulged the expertise of various advisers, to help the company harness most from its 65 percent holding in Vodacom Group Ltd.

The firm has noted it will start by merging the business with other operators or divesting some assets in certain markets, to sell a stake in the company.

Vodacom reported a 6% rise in stock on Thursday. 

“The stock was up 5.4% at 10:34 in Johannesburg, giving the company a market value of $15.2 billion. Vodafone was up 3.5% in London, valuing it at £27.9 billion ($33.6 billion),” the report stated.

African unit is a core part of the group, but the decline in the shares has driven the firm to consider other alternatives.

Liberty Global Plc has invested a 4.9% stake in the telco. 

The other investor is Emirates Telecommunications Group Co., formerly known as Etisalat and now called e&.

However, there’s no certainty the deliberations will lead to any transaction. 

Due to criticism from activist investors over its subpar performance, Vodafone has been selling assets and recently ousted Nick Read as its CEO.

In a deal valued at €16.2 billion ($17.3 billion) last year, it sold a stake in the Frankfurt-listed Vantage Towers AG arm to a private equity consortium.

Under the name Vodacom, which offers services in nations like South Africa, Tanzania, and the Democratic Republic of the Congo, the British business has been combining its holdings on the continent.

According to a regulatory filing made on Monday, Vodafone’s share in Vodacom grew to 65% after it completed the transfer of its Egyptian company to the South African division.