Telkom will fight the South African Revenue Service in the constitutional court after an adverse judgment handed down against it at the supreme court of appeal that could severely dent its cash flow.
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A recent court decision has come as big blow to Telkom. A judgment handed down on 25 March by the supreme court of appeal held that a R3.9-billion foreign exchange loss and a R136-million incentive bonus were not deductible.
Telkom and the Competition Commission have reached an agreement over concerns the regulatory watchdog had over its wholesale IP Connect product.
Telkom is introducing new versions of its popular data-led FreeMe contract and prepaid mobile plans with effect from Friday. Unfortunately for consumers, the new plans offer less value than before.
African Rainbow Capital Investments has attached a remarkable R13.1-billion valuation to Rain, giving it a value 40% above Telkom’s current market capitalisation.
Many South African technology companies are allowing their employees to work from home and encouraging them to make use of technology to avoid face-to-face meetings with colleagues and clients.
Telkom said on Monday that it is zero-rating dozens of educational websites as well as sites that provide information that can help South Africans contain the spread of the novel coronavirus.
Telkom warned shareholders on Friday that R1.5-billion in restructuring costs will hit its earnings in the financial year to end-March as it moves to get rid of as many as 3 000 employees in the first phase of a restructuring process.
South Africa’s benchmark stock index plunged the most since the market crash of October 1997 as reaction to US measures aimed at curbing the spread of the coronavirus accelerated the sell-off.
All eyes are on MTN South Africa and Telkom, which have failed to reach an agreement with the Competition Commission to lower data prices within the specified deadline.