Sale talks get a tick at Telkom
Telecoms CEO says state will dispose of its shares responsibly
Telkom's discussions with the government indicate that the state has identified "a potential buyer or two" for its near 40% stake in the telecoms company and that the process will be "tightly managed", says Telkom CEO Sipho Maseko. Finance Minister Malusi Gigaba said in his medium-term budget policy statement last month that the government was looking at selling at least part of its Telkom stake, adding that more details would be provided by March next year. The state holds 39.3% of Telkom's shares, while the Public Investment Corporation has another 11.9%. While it was "difficult to tell" how the divestment process would unfold, "given recent interactions with them, we expect them to be sensible and thoughtful in how they manage the process", Maseko said on Friday after Telkom had published its interim results. Initial communications in the public domain had been "clumsy", he added, and Telkom had since stepped in to ensure that the entire process was more organised. How the share ...
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