The government has received an unsolicited bid for its 40.5% stake in Telkom after an announcement that MTN is planning to acquire part of the company.
“The offer is subject to the satisfactory conclusion of a due diligence of Telkom,” according to the document dated July 24. “We are not averse to collaborating with other stakeholders.” State-run Telkom said it would consider a formal offer or proposal from Rain to merge, once received. The National Treasury said in an emailed response to questions that it is unaware of the government’s intention to sell its Telkom stake.“There is no predetermined plan to dilute and/or exit the investment,” it said in the letter, signed by Bongani Gigaba, chair of Toto Investment Holdings.
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