Telkom lost more than R2bn of its value on Tuesday after the telecoms group issued a profit warning flagging a drop in halfyear profit, weighed down by costs related to its investment in its fledgling mobile network.

Under CEO Sipho Maseko, Telkom, which runs SA’s biggest fixed-line telecom network, is in the middle of transforming itself into a modern telecommunications provider with heavy investments in its mobile phone unit and capitalising on its extensive fibre infrastructure to sell internet services.

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