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.
Browsing: Serame Taukobong
Telkom plans to raise R1-billion by the end of its financial year through the sale to external financial institutions of “qualifying receivables” related to upfront device sales.
Telkom CEO Serame Taukobong has told TechCentral that the company is giving serious consideration to selling a stake in Openserve.
Telkom’s legacy copper access network, which once underpinned its business, could be gone within 24 months.
Telkom CEO Serame Taukobong said the operator is open to further talks with MTN Group about a transaction.
Telkom is to rein in spending to cope with rising costs after reporting a 17.9% fall in half-year core profit.
Telkom and three state-owned enterprises have called for “drastic measures” to deal with infrastructure vandalism and theft in South Africa.
Telkom will complete the legal separation of its wholesale division Openserve on 1 September, with the unit becoming a wholly owned subsidiary.
Telkom’s fibre network is now available to more than 890 000 homes in South Africa as the company rapidly moves on from legacy copper.
Telkom paid its former group CEO, Sipho Maseko, R20-million in retention bonuses in the past two years plus a R32-million restraint to prevent him being poached by competitors.