ICASA update on Telkom Media sale
The Independent Communications Authority of South Africa (ICASA) late last week met with Telkom SA representatives to obtain an understanding of issues surrounding the sale of the latter's 75% shareholding in Telkom Media to Shenzen Media South Africa.
The meeting followed after Telkom SA notified ICASA, by a way of letter, of its decision to sell the share to Shenzen Media SA. Subsequently, ICASA wrote back to Telkom SA to seek clarity on the nature of the transaction.
The meeting was held on Friday, 8 May 2009 and a decision was taken that:
- Telkom Media must submit all the necessary documentations relating to the transaction and transfer forms as per the Processes and Procedures Regulations by Friday 15 May
- The documentation must provide shareholder information of Shenzen Media SA.
ICASA reports that it has been assured by Telkom SA that Shenzen Media SA is a company registered in accordance with the laws of South Africa and that only 20% of the company is foreign-owned in line with the provisions of the Electronic Communications Act no 36 of 2005.
Once the information has been submitted, ICASA will consider the information and hold public hearings, if warranted.
