South Africa to dispose of portion of Telkom shares

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CAPE TOWN (Reuters) – South Africa will dispose of a portion of its stake in Telkom with an option to buy it back later, Finance Minister Malusi Gigaba said in his budget speech on Wednesday.

Treasury is seeking to avoid breaching the expenditure ceiling due to bailouts of ailing state firms, Gigaba said. The government holds a state of about 39 percent in landline provider Telkom.

“The expenditure ceiling is threatened in the current year, as a result of government’s recapitalization of South Africa Airways and the South African Post Office,” he said.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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