Photo credit: DiasporaEngager (www.DiasporaEngager.com).
by TINTSWALO BALOYI
CENTURION, (CAJ News) – TELKOM, South Africa’s third largest telecommunications operator has reported a 3,2-percent drop in revenue to R10,281 billion for the quarter ended June 30.
This is despite active mobile subscribers increasing by 7,8 percent year-on-year to 17,3 million.
Other highlights include the number of homes passed with fibre growing 45,3 percent to more than 890 000.
Serame Taukobong, Telkom Group Chief Executive Officer, said the performance was challenging due to accelerated legacy migration, intense competitive landscape and consumers being under significant pressure due to rising fuel prices, interest rates and high unemployment rate.
Taukobong provided an update on discussions between Telkom and MTN Group, in relation to MTN acquiring the entire issued share capital of Telkom.
This is in return for shares or a combination of cash and shares in MTN.
“Discussions are at an early stage and still in progress.” The Telkom CEO stated.
Telkom has approached the High court to declare the proclamation on the Special Investigative Unit (SIU) invalid.
President Cyril Ramaphosa in January authorized a probe into alleged impropriety in Telkom’s disposal of Africa Online Mauritius, iWayAfrica, and Multi-Links Telecoms.
Telkom contends that the SIU has no jurisdiction over it.
Taukobong said the Telkom board considered the likely precedent this proclamation would set and has opted to protect the organisation.
“Telkom consistently upholds the principles of good corporate governance,” Taukobong said.
– CAJ News
Source of original article: Finance & Banking – CAJ News Africa (www.cajnewsafrica.com).
The content of this article does not necessarily reflect the views or opinion of Global Diaspora News (www.GlobalDiasporaNews.com).
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