Investment firm Toto Consortium made an offer valued at $433 million for the stake in the nation’s third-largest mobile-phone company, according to Bloomberg calculations.
“The offer is subject to the satisfactory conclusion of a due diligence of Telkom,” according to the document dated July 24. “We are not averse to collaborating with other stakeholders.” The National Treasury said in an emailed response to questions it’s unaware of the government’s intention to sell its Telkom stake.“There is no predetermined plan to dilute and/or exit the investment,” it said in the letter, signed by Bongani Gigaba, chairman of Toto Investments.
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