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Is the market losing patience with Telkom? Last week, investors turned their backs on the partially state-owned telecom operator, sending shares tumbling as much as 9% and wiping off about a fifth of its market value.

They were reacting to its annual earnings report that painted a picture of a company that seems to have reached the ceiling in substantially winning market share in the mobile phone market, and for dragging its feet in making good on promises to release value trapped in its sprawling structure.  ..

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