Telkom chief financial officer Tsholofelo Molefe has followed CEO Sipho Maseko’s lead in offloading shares in the telecommunications company following publication of its interim results last week.
In a regulatory filing with the JSE on Friday, Telkom disclosed that Molefe sold R2.8-million worth of the company’s shares on Wednesday at an average price of R33.42.
This comes two days after Maseko sold R6.3-million worth of Telkom shares in two tranches. These sales took place on 12 and 13 November, just days after the company exited a closed period — during which the directors are not allowed to trade — following publication in the results for the six months ended September 2020.
Telkom did not disclose why the pair were sellers of its shares.
Maseko’s decision to sell came despite remarks he made at last week’s results presentation that Telkom’s shares were “undervalued”.
The CEO announced a range of measures to unlock shareholder value, including spinning off BCX’s data centre business and giving greater autonomy to wholesale division Openserve and property business Gyro.
The idea is to run these as autonomous businesses and possibly bring in external shareholders. — (c) 2020 NewsCentral Media