Telkom drops after R449m penalty

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TelkomT Independent Newspapers Photo: Simphiwe Mbokazi.

Shares in Telkom (TKG) dropped more than 3% in midmorning trade on the JSE before recovering following a R449m penalty imposed by the Competition Tribunal for abusing its dominance in the telecommunications market between 1999 and 2004.

Half of the penalty is to be paid within six months of the tribunal’s decision while the balance is payable within 12 months thereafter.

At 10.19‚ the share price was down 16c at R17.89‚ off the session lows of R17.19. - I-Net Bridge

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