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PIC buys 15.1 percent of Telkom

16 November 2004
PIC buys 15.1 percent of Telkom
Pretoria - The Public Investment Commissioners (PIC) have acquired a 15.1% stake in Telkom, which they are to warehouse for the Elephant Consortium, a black economic empowerment firm, for up to six months.

The stake was acquired from Malaysian-American company Thintana Communications at a discounted price of R6.6bn, PIC chief executive officer Brian Molefe told reporters in Pretoria on Tuesday.

"The PIC yesterday (Monday) agreed to purchase the stake. Both parties will enter into negotiations to determine how the consortium will acquire the stake from the PIC," he said.

The Elephant Consortium is led by former communications department director-general turned businessman Andile Ngcaba and Women's Investment Portfolio Holdings.

Its successful bid for Telkom shares has been criticised by opposition parties, the media and trade unions as not being true black economic empowerment, but only benefiting politically well connected individuals.

Ngcaba has been accused of layi ...

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