Telkom rejects latest acquisition bid by Sipho Maseko-led consortium

JSE-listed Telkom has rejected the latest offer from a consortium of investors led by former CEO Sipho Maseko, who sought to buy up a controlling stake in the part-state-owned telecommunications company. Telkom CEO Serame Taukobong confirmed this to Moneyweb on Tuesday morning, following the release of the company’s financial results. However, he said that the company remains open for updated offers from Maseko and his counterparts.

Meanwhile, Telkom reported a plunge of nearly 80% in profits on Tuesday, as the company wrote down the value of its cash generation units by more than R13 billion. Headline earnings per share for the year to the end of March 2023 was 76.6% lower, at 134.6 cents, compared to 575.3 cents per share for the prior year. The telecoms company said that during the year it was negatively impacted by load shedding, a high interest rates environment and weak consumer confidence.

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