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Telkom says it seeks clarity from consortium led by Sipho Maseko that is planning a takeover bid

Former Telkom CEO Sipho Maseko: Photo Simphiwe Mbokazi.

Former Telkom CEO Sipho Maseko: Photo Simphiwe Mbokazi.

Published Jun 12, 2023


Telkom on Monday said that it was seeking the consortium led by its former CEO Sipho Maseko, Afrifund Investments Proprietary Limited, and comprising Axian Telecom and the Government Employees Pension Fund (GEPF), managed by the Public Investment Corporation (PIC) to provide further clarity on several matters after the consortium launched a bid to acquire a stake in the mobile operator.

In a statement, the company said it confirms that it has received an unsolicited non-binding indicative letter from the consortium for the acquisition of a controlling stake in Telkom, 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.

‘’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 group said.

The group said having regard to the continued detailed media speculation and Telkom awaiting further clarity, shareholders are advised to exercise caution when dealing in the company’s shares until such time as 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,’’ the group said.