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Telkom talks of listing before 2002

17 June 1999
Sizwe Nxasana, Telkom`s chief executive officer, said this week he hoped the fixed-line utility would list before the end of its exclusivity period in 2002 to boost its rating and raise more capital for expansion ahead of competition.

He said talks between the government and SBC Communications and Telekom Malaysia, Telkom``s two other shareholders, were still at an embryonic stage. The two shareholders purchased a joint 30 percent stake for R5,54 billion in 1997 as part of the partial privatisation of Telkom. Nxasana said the state telecommunications provider should take advantage of the prevailing positive market sentiment about telecommunications stocks to obtain better prices and ratings.

He said a listing could feature as a crucial funding option to avoid high gearing from the current borrowing programme. Telkom``s debt to equity ratio of one was still healthy but should not be allowed to rocket to unsustainable levels, he said. The uti ...

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