DURBAN - Minister of Finance Malusi Gigaba just completed his Medium Term Budget Policy Speech.
Gigaba will sell Telkom shares to save state owned enterprises South African Airways (SAA) and South Africa's postal service.
Government’s share in Telkom is estimated to be worth between R14 billion and R20 billion.
Gigaba said that the expenditure ceiling could be breached by R3.9 billion in the current year, as a result of government’s recapitalisation of South African Airways and the South African Post Office.
“We aim to avoid a breach of the expenditure ceiling this year through the disposal of assets", Gigaba said during his mini budget speech.
Gigaba added that the Telkom shares would be sold with an option to buy back at a later stage.
Here are some Twitter reactions from South Africans that were watching the speech:
- BUSINESS REPORT ONLINE