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Telkom, KT venture takes a step closer
Telkom and KT Corporation have completed a diagnostic review and harmonised their respective findings and are now in the process of finalising the terms of the Potential Strategic Venture.
Once the terms have been agreed, the companies will present the Potential Strategic Venture to their respective boards of directors for approval before engaging with key stakeholders and presenting the terms of the venture to Telkom shareholders for approval, Telkom said on Wednesday.
In October last year Telkom announced it was in talks with KT Corporation for the South Korean company to take a 20% stake in the SA telecoms operator.
Should the two companies reach an agreement, KT would buy Telkom ordinary shares, by way of a specific issue of Telkom shares, at a price of R36.06 per share, which if implemented would result in KT having a 20% interest in the post-issue ordinary share capital of Telkom, worth about $600 million (R4.7billion).
Shareholders were once again advised on Wednesday that while discussions are ongoing, there is still no certainty that a formal transaction would be proposed or concluded.
Accordingly, shareholders were advised to continue exercising caution when trading in their securities until a further announcement is made.
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
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