Offer for Telkom | Board confirms offer, share price surges

JOHANNESBURG - Telkom has confirmed receiving an unsolicited offer from a consortium led by former Telkom CEO Sipho Maseko.

The group wants to acquire a controlling stake in the telecom company.

It is made up of Maseko’s Afrifund Investments and its partner, Madagascar-based Axian Telecom.

Telkom’s share price rocketed by more than 7% on the announcement and ended more than 3% higher at closing.

The Telkom board says it has requested more details on the proposed offer price and funding.

It has warned shareholders that there is no certainty of a transaction and that talks are exploratory.