“Shareholders are advised caution is no longer required to be exercised by shareholders when trading in the company’s securities,” the Pretoria-based company said in a statement today.
Telkom shares declined 1 percent to 18.01 rand at the 5 p.m. close in Johannesburg, the weakest price since June 2003.
Telkom said on June 1 that the South African government decided not to support the proposed sale of a 20 percent stake to KT Corp., South Korea’s largest phone and Internet company. The government is Telkom’s biggest investor with 39.8 percent of its shares and state-pensions manager the Public Investment Corp. owns an additional 9.7 percent, according to data compiled by Bloomberg.
To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at email@example.com