Telkom shares leap higher on possible bid by former CEO
as much as 8.9% on Monday after a report at the weekend, citing unnamed sources, said former CEO Sipho Maseko is spearheading a bid to buy 35% of the partially state-owned telecommunications group.
The shares were quoted up 7.7% at R27.25 as of 11.51am in Johannesburg, slightly off the best levels of the session.that the Public Investment Corporation – which invests retirement funds on behalf of South African civil servants – is backing a possible bid by Maseko for the 35% stake, worth about R4.5-billion at the current share price.
Telkom’s share price has come under considerable pressure this year amid a R13-billion write-down in assets and a decision by rival MTN Group to walk away from talks to acquire the company.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sipho Maseko mulling Telkom bid: sources - TechCentralThe PIC is backing a possible bid led by the former chief executive of Telkom for a 35% stake in the company, sources said.
Read more »
Embrace AI or perish: Nvidia CEO - TechCentralFirms and individuals should familiarise themselves with artificial intelligence or risk losing out, Jensen Huang said.
Read more »
Former Telkom CEO wants to buy large slice of companyThe Public Investment Corporation is backing a possible bid led by the former Telkom CEO Sipho Maseko for a 35% stake in South Africa’s third-biggest mobile phone company, according to people familiar with the matter.
Read more »
Nvidia unveils more AI products after $184-billion rally - TechCentralNvidia is looking to further capitalise on a frenzy that has made the company the world’s most valuable chip maker.
Read more »
MultiChoice unveils Moment, its pan-African fintech play - TechCentralMultiChoice Group is launching a new fintech joint venture aimed at developing an “integrated payment platform for Africa”.
Read more »
ARM rolls out new smartphone tech - TechCentralARM on Monday rolled out new chip technology for mobile devices and MediaTek has already signed up.
Read more »