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Jul 13, 2012

Telkom shares fall on confirmation of KT deal failure

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Africa|KT Corp|Telkom|Africa|South Africa|Telecommunications|Telecommunications Infrastructure|Dina Pule|Infrastructure|Broadband
Africa||Africa|||Infrastructure|
africa-company|kt-corp|telkom|africa|south-africa|telecommunications|telecommunications-infrastructure|dina-pule|infrastructure|broadband
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Telecommunications group Telkom’s share price fell 3.79% on Friday to a low of R17.99 after the group withdrew its cautionary trading announcement regarding a potential strategic deal.

This followed Cabinet’s rejection, last month, of a deal between Telkom and South Korean firm KT Corp, citing Telkom's strategic role in rolling out South Africa's 2020 broadband ambitions and the accompanying telecommunications infrastructure.

KT Corp had intended to acquire a 20% stake in Telkom for R2.6-billion.

Cabinet, at the time, requested Communications Minister Dina Pule to examine alternative options for Telkom and report back in three months.

Telkom traded at R17.81 a share by 14:20.

Edited by: Mariaan Webb
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