The original article can be found here.
Article highlights:
- Shares in SA’s third-biggest mobile operator Telkom rose 7% on Monday following reports that the Public Investment Corporation (PIC) is backing former CEO Sipho Maseko’s investment vehicle, in a bid for a large stake either in it or its assets.
- Reports indicate that that there were talks that could potentially give a grouping including the PIC, Maseko’s investment vehicle Afrifund, as well as Mauritius-based Axian Telecom, about a 50% stake in the mobile operator.
- Earlier in May, Telkom’s shares had crashed by double digits after it warned investors that its shift to its new digital strategy, as well as plans to cut as much as 15% of its workforce, would prompt more than R1 billion in retrenchment-related costs and R13 billion in writedowns of various business units in its year to end-March.
