Telkom’s board has rejected an acquisition proposal from a consortium that includes its former group CEO, Sipho Maseko.
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Shoprite Holdings has appointed former Telkom CEO Sipho Maseko as an independent non-executive director.
MTN Group on Tuesday hinted strongly that it remains interested in buying Telkom.
Telkom jumped as much as 12% after confirming it received a bid for a controlling stake from a consortium that includes its former CEO.
A possible bid by a consortium that includes former CEO Sipho Maseko to buy a stake in Telkom is still at an exploratory stage.
But the former telecommunications monopoly faces huge challenges if it hopes to remain a significant market player.
Telkom shares rose as much as 8.9% on Monday morning after a report said Sipho Maseko is spearheading a possible bid to buy 35% of the group.
The PIC is backing a possible bid led by the former chief executive of Telkom for a 35% stake in the company, sources said.