TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      South Africa’s ‘silent revolution’ as those with cash go solar

      15 August 2022

      SA coal giant Seriti Resources in pivot to renewables

      15 August 2022

      Tencent, TikTok share details of prized algorithms with Beijing

      15 August 2022

      Fixing SA’s power crisis is not complex: it simply takes the will to do better

      12 August 2022

      Consortium makes unsolicited bid for state’s 40% stake in Telkom

      12 August 2022
    • World

      Institutions eye crypto but retail investors remain nervous

      15 August 2022

      Tencent woes mount, even after $560-billion selloff

      12 August 2022

      Huawei just booked its first sales rise since US blacklisting

      12 August 2022

      Apple remains upbeat about iPhone sales even as Android world suffers

      12 August 2022

      Ether at two-month high as upgrade to blockchain passes major test

      12 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»News»Task team to manage sale of Telkom shares

    Task team to manage sale of Telkom shares

    News By Agency Staff26 October 2017
    Facebook Twitter LinkedIn WhatsApp Telegram Email
    Siyabonga Cwele

    Telecommunication & postal services minister Siyabonga Cwele says government will soon establish a task team to engage Telkom on the sale of a portion of its shares to address a revenue shortfall.

    The minister said this shortly after finance minister Malusi Gigaba tabled the medium-term budget policy statement, in which he announced the intention to sell a portion of the state’s shares to avoid a risk of an expenditure ceiling breach of R3.9bn.

    The expenditure breach risk was brought about by the recapitalisation of South African Airways and the Post Office amounting to R13.7bn.

    We are basically leveraging on our existing assets. We are not privatising Telkom

    The minister said government decided to sell the Telkom shares instead of borrowing to fill the hole in order to maintain fiscal discipline.

    “So, the strategy is to use whatever money we have to cut down the debt and invest in key strategic assets — our state-owned companies. That is the approach we are taking with the Post Office, so that we continue to respect our expenditure ceiling and fiscal discipline.

    “Under difficult times, you look at whether you should borrow or dispose of existing assets or a portion (of the assets). As a country, we have to continue to maintain our fiscal independence and our fiscal discipline. We don’t want to send minister Gigaba to international institutions for funding… We are basically leveraging on our existing assets. We are not privatising Telkom.

    “As government, we are going to set up a task team that will engage with the management of Telkom so that we do this in a structured manner, not in a manner that may affect the share value of the investors of Telkom.”  — SANews

    Malusi Gigaba Siyabonga Cwele Telkom top
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleBanks need to fear Amazon’s finance ambitions
    Next Article Weak pound knocks Altron earnings

    Related Posts

    South Africa’s ‘silent revolution’ as those with cash go solar

    15 August 2022

    SA coal giant Seriti Resources in pivot to renewables

    15 August 2022

    Tencent, TikTok share details of prized algorithms with Beijing

    15 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Seven reasons your business needs IP surveillance cameras

    15 August 2022

    5G your life for faster, more reliable home or mobile connectivity

    15 August 2022

    World’s fastest compact firewall for hyperscale data centres, 5G networks

    15 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.