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Johannesburg - Shares in telecoms group Telkom jumped more than 4% in early deals on Friday as investors welcomed
news that it will score R22.5bn for the sale of 15% stake in
cellular operator Vodacom.
At the 9:24, shares in the company were up 4.26%, or R4.61, to
R112.92, outperforming the JSE Top 40 index, which had tumbled 4.69%.
Just after the market closed on Thursday, Telkom said UK-based cellular phone firm Vodafone proposes to pay R22.5bn to buy an additional 15% of Vodacom, giving it control of the country largest cell phones operator.
The proposed transaction is subject to, among others, Telkom spinning off its remaining 35% stake in Vodacom to its shareholders before the listing of Vodacom on the JSE's main board.
Telkom said its board and its major shareholder the South African government supported the proposed deal.
- I-Net Bridge