Telkom is not for sale. That’s the crisp message from CEO Serame Taukobong, even as his predecessor, Sipho Maseko, is mounting a bid to buy the listless telecoms operator.

The clouds seem to be gathering for the one-time fixed-line telephone monopoly derided as “Hellkom” by frustrated customers: its shares plunged 15% on May 17, when it warned that its profit for the year to March would be at least 85% worse than that of the previous year...

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