Up to 15% of the workforce to lose jobs in cost-saving drive that includes the sale of its device loan book to raise R1bn
Telkom launched a frenzied scramble for cash on Tuesday, unveiling plans to slash as many as 1,770 jobs and to sell its device credit book for R1bn as rolling power cuts and heavy spending on the mobile network jacked up costs and eroded its profitability.
The cuts would amount to 15% of the company’s nearly 11,800 workforce across all divisions, including IT unit Business Connexion, its mobile division, and its property and fibre subsidiaries...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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