TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Consortium makes unsolicited bid for state’s 40% stake in Telkom

      12 August 2022

      Actually, solar users should pay more to access the grid – here’s why

      12 August 2022

      Fixing SA’s power crisis is not complex: it simply takes the will to do better

      12 August 2022

      Telkom says MTN talks remain on track

      12 August 2022

      Analysis | Rain muddies the waters with approach to Telkom

      11 August 2022
    • World

      Tencent woes mount, even after $560-billion selloff

      12 August 2022

      Huawei just booked its first sales rise since US blacklisting

      12 August 2022

      Apple remains upbeat about iPhone sales even as Android world suffers

      12 August 2022

      Ether at two-month high as upgrade to blockchain passes major test

      12 August 2022

      Gaming industry’s fortunes fade as pandemic ends

      11 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»News»Cosatu opposed to Telkom’s Korea deal

    Cosatu opposed to Telkom’s Korea deal

    News By Editor17 October 2011
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    Trade union federation Cosatu has come out against the further privatisation of Telkom through a possible shares acquisition by a Korean company.

    The deal would not benefit ordinary citizens, Cosatu said. “Telkom stands out as an example of what can go wrong in privatisation … worse services for the poor, high job losses and improvements only for business and the rich,” said Cosatu spokesman Patrick Craven.

    “They have reversed all the gains they previously made as a public entity and the poor have gained nothing out of this process.”

    He said Cosatu condemned a proposed deal in which Korea’s KT Corp would take on a 20% stake in state-owned Telkom.

    The proposed deal, said to be worth R4,6bn, would give the Korean company a strategic equity shareholding of 20% in the post-issue ordinary share capital of Telkom

    Telkom would issue new shares for cash at a price of R36,06/share.

    Telkom had been looking at ways to offset losses incurred by its mobile business and a failed expansion into Nigeria.

    Craven said the ultimate goal of private companies was to maximise profit.

    “No man or woman open[s] a business to meet challenges of poverty, unemployment or to provide services to the people.”

    He said an increase in local telephone charges had made telecommunications inaccessible to citizens.

    “Local charges rose 35% even after inflation in the past two years. At the same time, we saw a 40% fall in the cost of international phone calls, which mostly benefits business and the rich.”

    Telkom listed on the JSE in 2003.  — Sapa

    • Subscribe to our free daily newsletter
    • Follow us on Twitter or on Facebook
    • Visit our sister website, SportsCentral (still in beta)
    Cosatu Korea Telecom KT Corp Patrick Craven Telkom
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleCommission turns up the heat on Telkom
    Next Article Telkom’s Korean suitor talks fibre to the home

    Related Posts

    Consortium makes unsolicited bid for state’s 40% stake in Telkom

    12 August 2022

    Actually, solar users should pay more to access the grid – here’s why

    12 August 2022

    Fixing SA’s power crisis is not complex: it simply takes the will to do better

    12 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Get your brand in front of TechCentral’s amazing audience

    12 August 2022

    Pricing Beyond CMYK: printers answer the FAQs

    11 August 2022

    How secure is your cloud?

    10 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.