Shares in Telkom surged on Tuesday, adding more than R3bn to its market value, after the group announced a multibillion-rand plan to list part of its property business in a move meant to unlock value from a portfolio of assets it says is not fully reflected in its share price.

The partially state-owned telecoms operator has been working on a plan to release billions of rand trapped in its sprawling structure, which includes properties, masts and towers, IT company Business Connexion and internet fibre operator Openserve...

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