Telecommunications group Telkom is pursuing a separate listing of its masts and towers business, Swiftnet, on the Johannesburg Stock Exchange.
A final determination on the listing of the Telkom subsidiary, which is under management by Gyro, will be made by the end of the financial year.
Swiftnet has operated as a separate tower company for over three years, yet its value is not being recognised or reflected in Telkom’s share price, said Telkom CEO Sipho Maseko.
As South Africa’s largest independently run tower portfolio, with 6 225 masts and towers, a separate listing of Swiftnet will affirm the valuation of the masts and towers business and its contribution to the overall valuation of the Telkom business, thereby unlocking further value for Telkom, he continued.
Under the management of Gyro, Swiftnet has diversified its tenancy with 56% of its tenants coming from the industry.