Telkom CEO Serame Taukobong said his company does not need saving, even as suitors begin lining up.
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Telkom is just weeks away from announcing the sale of its masts and towers business.
MTN Group on Tuesday hinted strongly that it remains interested in buying Telkom.
Telkom has decided to hit pause on dividend pay-outs for longer than expected as it battles tough market conditions.
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.
Icasa said it will soon publish a request for proposals to appoint a consultant to assist with its next broadband spectrum auction.
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.