Telkom chief financial officer Jacques Schindehütte has joined the company’s CEO, Sipho Maseko, and chairman, Jabu Mabuza, in snapping up shares in the telecommunications operator.
The company notified shareholders on Friday that Schindehütte had bought 55 000 shares for almost R1m at an average price of R18,07/share.
Earlier in July, Telkom told the markets — as it is required to do when directors trade in shares — that Mabuza had bought nearly R500 000 in shares. Mabuza bought 26 000 shares on 15 July for an average price of R19,14/share. The total value of the transaction was R497 581.
Just days earlier, Maseko, who took the reins as Telkom CEO on 1 April, bought 52 520 shares in the company worth R999 980.
The purchases may be meant as a signal to the market that the company’s top management team believes that it has what it takes to turn around the firm’s fortunes.
Telkom’s share price has taken a pummelling in recent years, although it has recovered strongly from a record low of R11,87/share set on 6 May. The counter was 1,6% higher in late afternoon trading on the JSE on Friday, at R18,79. — (c) 2013 NewsCentral Media