JSE-listed Telkom Group on Friday announced it has rejected an offer of a constortium led by its former CEO Sipho Maseko.
Shareholders are referred to the Telkom announcement published on SENS on Monday, 12 June 2023
relating to an unsolicited non-binding indicative letter from a consortium consisting of Afrifund Investments
Proprietary Limited, Axian Telecom and the Government Employees Pension Fund, managed by the
Public Investment Corporation (collectively, the Consortium) for the acquisition of a controlling stake in
Telkom (the Indicative Proposal).
“The Telkom board of directors (the Board) having considered the Indicative Proposal, has decided not
to continue discussions with the Consortium, as the Board is of the view that the Indicative Proposal is
not in the best interest of shareholders and that the current Telkom strategy will yield better value for
shareholders.,” said Telkom.
Accordingly, Telkom said caution is no longer required to be exercised by shareholders when dealing
in their securities.
In a bold move this week, Telkom CEO Serame Taukobong said: “The board has equally supported us that we do not need a knight in shining armour. Be it my former employee or my former employer.”
Taukobong made his remarks during the company’s financial results presentation on Tuesday. “The board remains firm that the journey we are taking for the business will deliver the results for Telkom.”
The statement indicates that the Telkom board, led by Geoffrey Qhena, is not ready to sell the partially state-owned company. The comments appear to be a direct snub of overtures from former Telkom CEO Sipho Maseko.