Africa’s largest asset manager, the Public Investment Corporation (PIC), is backing a possible bid led by the former chief executive of Telkom for a 35% stake in South Africa’s third-biggest mobile phone company. Moneyweb BusinessNews
Africa’s largest asset manager, the Public Investment Corporation, is backing a possible bid led by the former chief executive of Telkom for a 35% stake in South Africa’s third-biggest mobile phone company, according to people familiar with the matter. The PIC, which manages more than R2.
Such an agreement would further merge the mobile businesses of the two firms, and Telkom’s BCX unit could be sold, said the people. While all South African mobile operators have been struggling with myriad challenges, including nationwide power cuts, vandalism of infrastructure and high unemployment, larger rivals Vodacom Group and MTN Group have been able to maintain growth and emerge as the country’s dominant providers.
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