JSE-listed telecommunications group Telkom expects to finalise the results of a review of a potential strategic venture with Korean telecommunications company KT Corporation within the next few weeks.

“The diagnostic review is well progressed,” Telkom reported in a statement on Friday.

Telkom and KT Corp entered into a memorandum of understanding in December to discuss and confirm mutual strategic and business cooperation and the envisaged benefits of the proposed venture, in which KT Corp could potentially acquire a strategic equity shareholding of 20% in Telkom.

The company pointed out that discussions were ongoing and there was no certainty that a formal transaction would be proposed or concluded. The transaction was subject to directors and shareholder approval.