South Africa: Government Is Not Planning To Sell Stake In Telkom, Says CEO

25 June 2020

Mergers, Acquisitions and Financial Results

Mr Sipho Masego, Chief Executive Officer of Telkom South Africa, has responded to recent reporting indicating the South African government is planning to offload part or all of it’s more than 45% stake in the company.

Accordingly to Mr Masego, such reports could amount to mere speculations as he has not been officially informed about the move. Even if, as the SA government is ‘desperately’ looking to convert some of its assets to cash that would help fight the COVID-19 war.

Telkom share price rose drastically in the news that it is one of the South African state-owned enterprises that has been earmarked for sale of government-owned shares.

However, speaking to journalists, the Telkom CEO, proclaimed his sympathies for the South African Minister of Finance as he looks to raise needed funds, he, however, does not want to lose such a large investor such as the South African government.