TELECOMMUNICATIONS
Telkom unit BCX holds back on stake sale of software company
Telkom subsidiary BCX has shelved its plan to sell its stake in software company NGA, as it sees the business adding value to overall offerings. BCX also announced the appointment of industry veteran Jonas Bogoshi as CEO to replace Ian Russell. Commenting on NGA, Telkom said: "We have re-evaluated the NGA business, which focuses on HR software and processing, and believe that we can meaningfully integrate this with other core software solutions which BCX offers to its customers." Instead of divesting it, NGA’s local business will become a wholly owned subsidiary of the group. "We believe we can move swiftly to integrate this with the core BCX solutions as soon as all approvals are in place," Telkom said. The Competition Commission said on Wednesday it had approved the transaction without conditions. Telkom, which is 40% owned by the government, said in May that it was looking for acquisitions. "We may need a couple of things on the fibre side or in the cybersecurity side. We think t...
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