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Mangaung to decide Telkom's fate

Dec 10 2012 12:06 Fin24

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Company Data

TELKOM SA SOC LIMITED [JSE:TKG]

Last traded 0
Change -3,15
% Change 0
Cumulative volume 4215900
Market cap 28.70bn

Last Updated: 16-09-2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Minister of Communications Dina Pule said over the weekend the future of Telkom [JSE:TKG] will be decided at the ANC's elective conference in Mangaung. 

In an interview with the Business Day, Pule said final policy would be determined at the conference that would shape Telkom’s strategy and that of the sector in general. 

"In Mangaung, we will take policy decisions that will guide me on how I should be running the department and the sector in general. But it doesn’t mean that Telkom will not be working. The company is hard at work," she told the newspaper.

She recently put forward a list of proposals to cabinet.

New Telkom board chairperson Jabulane Mabuza said recently that the government cannot determine its strategy.

"The day shareholders give you a strategy, they may as well come and run the business," he was quoted as saying.

"I don't see the government as a shareholder any differently to the other shareholders," he said.

Government owns a 39% stake in Telkom. 

Meanwhile the fixed-line operator faces a bigger fine if the Competition Commission is successful in its bid to increase the R449m fine it received for uncompetitive behaviour.

Telkom shares are trading 1.38% higher at R15.45.

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