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Telkom: Icasa seeks clarity on media unit

11 May 2009
Pre-sale anxiety causing sweaty palms, fidgeting.
 
Telkom: Icasa seeks clarity on media unit
The Independent Communications Authority of SA (Icasa) was seeking more information on the sale of Telkom Media before it would consider the transaction, the regulator said yesterday.

Telkom said last Wednesday that it had agreed to sell its 75 percent stake in Telkom Media, the pay television unit, to Shenzhen Media South Africa.

Icasa said Telkom had assured it that the buyer was only 20 percent foreign owned, complying with South African media ownership law, and that Telkom had been asked to provide proof of this.

Meanwhile, Telkom shares climbed 1.8 percent to R112.95 after Morgan Stanley rated the firm overweight in resumed coverage.
The stock rallied as much as 3.6 percent earlier.

Morgan Stanley cited the "unbundling" of the Telkom stake in Vodacom Group for the rating.

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