Former Telkom CEO Sipho Maseko is threatening to walk away from buying a controlling stake of the partially state-owned telco.
Sunday Times’ Business Times reported today that Maseko is now looking for opportunities elsewhere and will not revised the offer submitted by his consortium to buy Telkom.
The consortium comprises Maseko’s Afrifund, Axian Telecom and the Government Employees Pension Fund, managed by the Public Investment Corporation (PIC).
“We are definitely walking away. The board has made it clear that they are not willing to engage with us at all,” Maseko told Sunday Times Business Times.
He added that the consortium had not been given a proper opportunity to present its proposal to the board, which he believes would have helped it understand the strategy.
Also read: GUGU LOURIE: Telkom removes ‘for sale’ sign even as it reports R10bn loss
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 (https://www.businesslive.co.za/bd/companies/telecoms-and-technology/2023-06-13-telkoms-annual-10bn-loss-sets-it-back-a-decade/) on Tuesday. “The board remains firm that the journey we are taking for the business will deliver the results for Telkom.”..
