TELKOM has confirmed a bid by a consortium to acquire a stake in the telecommunications company.

Sipho Maseko, the former chief executive officer of the company, leads the consortium that has his Afrifund Investments Proprietary Limited and comprising Axian Telecom and the Government Employees Pension Fund,
managed by the Public Investment Corporation.

The Johannesburg Stock Exchange-listed Telkom revealed it has received
an unsolicited non-binding indicative letter from the consortium for the
acquisition of a controlling stake, the merits of which are being assessed by the Telkom Board of Directors in accordance with its fiduciary duties.

“In this regard, the company has requested the consortium to provide
further clarity on several matters, including the proposed offer price and certainty of funding,” Telkom stated.

“As such, discussions remain of an exploratory and non-consensual nature, there being no certainty that the outcome of these discussions will result in a transaction,” the mobile operator stated.

As it awaits further clarity, Telkom advises shareholders to exercise caution when dealing in the company’s shares until a further announcement is made.

“Telkom continues to pursue its strategic value unlock initiatives and should such initiatives result in any developments that may have a material effect on the value of Telkom’s shares, information on such arrangements will be disclosed to shareholders.”

Maseko announced his exit from Telkom late in 2021.

Serame Taukobong has been at the helm since 2022.

– CAJ News