South Africa: Now Mabuza buys Telkom shares

Mergers, Acquisitions and Financial Results

Days after newly appointed Telkom CEO Sipho Maseko dug into his own pocket to buy up R1m of the telecommunications group’s shares, its chairman has now done likewise.

Telkom revealed to shareholders in a statement issued through the JSE that Jabu Mabuza, who was appointed in 2012 to chair Telkom’s board, had bought nearly R500,000 in shares.

Mabuza bought 26,000 shares on 15 July for an average price of R19,14/share. The total value of the transaction was R497,581.

Last week, Maseko bought 52 520 shares in Telkom worth R999 980.

News of the two men’s share purchases come despite the strong improvement in Telkom’s share price in recent weeks. The counter touched a 52-week low of R11,93/share on 6 May. It was trading on Tuesday afternoon at R19,31/share, a rally of 62%