• Clamouring for action

    2017 will see battles not just between politicians but also those tired of politicking, says Daniel Silke.

  • Realistic dreaming

    Preparation and sound advice will turn entrepreneurial dreams into reality, says Ian Mann.

  • SA versus Cuba

    Cuba’s successes are worth a good look with the aim of emulating them, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Telkom: Govt not backing KT deal

Jun 01 2012 08:30
Reuters

Company Data

VODACOM GROUP LIMITED [JSE:VOD]

Last traded 142
Change 1
% Change 1
Cumulative volume 249741
Market cap 0

Last Updated: 06-12-2016 at 11:49. Prices are delayed by 15 minutes. Source: McGregor BFA

MTN GROUP LIMITED [JSE:MTN]

Last traded 112
Change 0
% Change 0
Cumulative volume 729096
Market cap 0

Last Updated: 06-12-2016 at 11:49. Prices are delayed by 15 minutes. Source: McGregor BFA

TELKOM SA SOC LIMITED [JSE:TKG]

Last traded 70
Change 1
% Change 1
Cumulative volume 74050
Market cap 0

Last Updated: 06-12-2016 at 11:49. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

KT Corp trims Telkom stake offer

Telkom shares dive on profit warning

Telkom falls on anti-trust fine worries

Telkom in MOU with Korean firm

Telkom network overhaul halted

 

Johannesburg - Telkom [JSE:TKG] said on Friday the government will not back its partnership with KT Corp, a South Korean firm that wants to buy a 20% post-issue stake in the fixed-lined company.

South Korea's No. 2 mobile operator last month cut is offer for the stake by nearly a third, bringing the total sale value down to about R3.3bn.

Telkom, which is majority owned by the South African government, said the proposed deal was presented to cabinet on May 30 and did not get the support it needed.

"Telkom was informed by the Minister of Communications ... that (the) cabinet had taken the decision not to support the transaction as proposed," it said in a statement.

Telkom said it will discuss the implications of the cabinet's decision with the minister.

Battered in recent years by steadily falling fixed-line revenue and expensive blunders in Nigeria, Telkom has been looking to offset shrinking demand for its core business by pushing into new businesses and markets.

The company has also been struggling to keep up with bigger Johannesburg-based African mobile operators MTN Group [JSE:MTN] and Vodacom Group [JSE:VOD].

KT has been scouring for opportunities in Africa, Latin America and Eastern Europe seeking to grow earnings as competition back home heats up.

 
kt corporation  |  telkom

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about: SMALL BUSINESS

From fossils to finance – that’s been the career trajectory of Dr Merrill van der Walt, a palaeontologist until recently. She is now a statistician with a difference.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA's avoidance of junk status by rating agencies: Moody's and Fitch

Previous results · Suggest a vote

Loading...