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Telkom’s shares surge as it confirms former CEO consortium bid

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Dobek Pater, telecoms analyst at Africa Analysis

Former Telkom CEO Sipho Maseko told investors in 2020 that Telkom was worth R53 billion, equating to a share price of R108. However, he now wants to buy the company at R46 per share. Last month, Bloomberg reported that Maseko’s Afrifund had the backing of the Public Investment Corporation (PIC) and Mauritius-based Axian Telecom to buy a 35% stake in Telkom. The 35% stake could be combined with the PIC’s current 13.6% shareholding to further boost the group’s overall holding.

12 Jun 2023 5PM English South Africa Business News · Investing

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