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South Africa's cabinet rejects Telkom plan to sell stake to KT

05 июня 2012

South Africa's Telkom SA Ltd. said its government has rejected the company's plan to sell a 20% stake to South Korea's KT Corp. for around $314 million.

The fixed-line operator, whose key shareholders include the South African government and the country's Public Investment Corp., said in a statement it presented the stake sale plan to the cabinet on Wednesday, but failed to obtain approval.

Telkom, which needs the cabinet's approval before it can proceed with the stake sale, said it will discuss the cabinet's decision with South Africa's minister of communications.

KT, South Korea's second-largest mobile operator by subscribers, wasn't immediately available for comment.

Early last month, KT said it reached a preliminary agreed to pay ZAR25.60 per share for the 20% stake in Telkom, lower than the ZAR36.06 a share that it had agreed to pay in October.

The South African government has a 39.8% stake in the fixed-line operator, while the Public Investment Corp. has a 10.9% stake in Telkom, which is in the process of entering the mobile market.


Источник: Total Telecom

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