Over the past year, we’ve seen a lot of action in the telecommunications sector. Aside from Telkom desperately trying to figure out how to unlock value, we’ve seen Blue Label Telecoms execute a complicated transaction to recapitalise Cell C. And it is upsetting news that Ghana is the new Nigeria for MTN, with a huge tax dispute under way.

Share prices in the sector have performed poorly in the past year. Vodacom is down about 6% but does have a strong dividend yield, so that’s not as bad as it looks. MTN has lost 17% and Telkom is down 29% even after the post-rain rally owing to the market being excited about that deal falling over...

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