Telkom shares spike amid talk of possible bid by former CEO

JOHANNESBURG - Telkom shares rose above 10% following reports that former CEO Sipho Maseko is spearheading a bid to buy 35% of the partially state-owned telecommunications group.

READ: Telkom shares take a sudden dive

The Public Investment Corporation – which invests retirement funds on behalf of South African civil servants – is reportedly backing a possible bid by Maseko for the stake.

It's worth about R4.5bn at the current share price.

Bloomberg says Maseko’s investment vehicle, Afrifund, and Mauritius-based Axian Telecom is in talks with the PIC regarding the potential offer.