Telkom’s chief financial officer, Jacques Schindehütte, has bought R6m worth the telecommunications shares on the open market. The move comes on top of a R1m purchase of Telkom shares in July.

The latest move by Schindehütte will come as reassuring news to Telkom shareholders that the company’s management team is confident in its ability to turn around the troubled, partially state-owned company.

Telkom notified shareholders on Wednesday afternoon that Schindehütte had on Monday successfully bought 243 700 of its shares for R24,45/share for a purchase price of R5 959 025,51. In July, he purchased 55 520 shares an average price of R18,07/share.

Schindehütte is not the only Telkom director buying up the company’s shares.

Also in July, Telkom chairman Jabu Mabuza bought 26 000 shares worth nearly R500 000. Days earlier, CEO Sipho Maseko bought 52 520 shares valued at R1m.

Telkom’s share price has rallied strongly since Maseko took the reins in April. Since it reached its all-time low of R11,93/share in early May, the counter has more than doubled. It touched a fresh 52-week high on Wednesday of R24,90/share. — (c) 2013 NewsCentral Media