September, Nelson snap up shares in Telkom - TechCentral

September, Nelson snap up shares in Telkom

Peter Nelson

Telkom’s leadership is clearly more bullish about the company’s prospects than analysts and many ordinary shareholders.

Two days after the JSE-listed telecommunications group released disappointing financial results for the six months to 30 September 2009, CEO Reuben September and chief financial officer Peter Nelson (pictured) have bought shares in Telkom in the open market worth nearly R1,5m combined.

Telkom announced in a statement to the JSE’s Sens news service on Wednesday that September and Nelson had each bought 19 255 shares worth R748 000.

The group is investing up to R6bn in the next five years building a mobile network that will compete with incumbents Vodacom, MTN and Cell C.

On Monday, Telkom reported that its first-half profits had plummeted. Headline earnings per share from continuing operations decreased by 37,9% to 242,2c for the six months.  — Staff reporter, TechCentral

2 Comments

  1. Wish they would focus on their ADSL2+ and Fibre networks instead of going mobile. My two cents

  2. Double post, but can’t edit: Just thought about it again, the mobile market in South Africa is already saturated anyways with more cellphones than people, sure they could find better places to throw this money away.

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