With a fixed-line business under pressure, an IT services company feeling the pinch and a mobile business facing strong competition, Telkom CEO Sipho Maseko has a difficult road ahead of him. By Duncan McLeod.
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Telkom has blamed the dominance of Vodacom and MTN as well as “fundamental changes” sweeping South Africa’s telecoms industry for its decision to let go of as many as 3 000 employees.
MTN South Africa has launched data bundles aimed specifically at users of the fast-growing social media platform TikTok, which is developed by the Chinese company ByteDance.
New independent research shows that MTN has South Africa’s best mobile network and beats its rivals in every category, from consistent quality to download and upload speeds.
Vodacom is in talks with Cell C about taking on the smaller rival’s contract-paying mobile phone customers, a move that would strengthen its position as South Africa’s telecommunications market leader, sources said.
MTN Nigeria Communications surged by 10% in Lagos on Monday, the most allowed by the exchange and matching the biggest gain since its May market debut.
Shares in Telkom have rocketed more than 21% since reaching a multi-year low in intraday trading last Thursday, signalling that investors believe the sell-off was overdone.
In some rare good news for MTN Group, Nigeria’s attorney-general has withdrawn a $2-billion (R28.5-billion) tax demand against its subsidiary in the West African nation.
Telkom fell through R30/share on Thursday as the six-month-long slide in its share price – which has now wiped out more than 70% of its market value – continues.
MTN Group said on Thursday that it is selling its 49% stake in the Ghana and Uganda Tower Company to a subsidiary of American Tower Corporation for about R7.3-billion.