Telkom South Africa Shares Surge on Confirmation Bid Received
- Ex-CEO Maseko, Axian Telecom and PIC want controlling stake
- Telkom requested clarity on offering price and funding
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Telkom SA SOC Ltd. jumped as much as 12% after the state-owned company confirmed it’s received a bid for a controlling stake by a group of investors that includes former Chief Executive Officer Sipho Maseko.
The consortium, which comprises Maseko’s Afrifund, Axian Telecom and the Government Employee Pension Fund managed by the Public Investment Corp., sent Telkom an unsolicited, non-binding indicative letter for the acquisition of a controlling stake in the company that’s being assessed by the board, Telkom said in an announcement on Monday. There is no guarantee that discussions will lead to a transaction, the company said.