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 Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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