Telkom starts restructuring process
Embattled telecommunications group Telkom on Friday announced the start of the first phase of its two-phase restructuring process.
The group, starting its consultation processes, issued Section 189 notices, in addition to the offer of voluntary severance packages (VSPs) and voluntary early retirement packages (VERPs) as an alternative to retrenchments, to its employees.
The first phase of the process of the VSP, VERP and Section 189 notices will cost about R1.5-billion, which is expected to negatively impact Telkom’s 2020 financial year earnings.
“The cash outflow related to the restructuring process is expected in the first half of the new financial year. Available cash resources will be used to fund the restructuring process. This allows Telkom to remain within the current debt levels,” the company said in a market update to shareholders.
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