Cellular network operator Rain’s valuation is now nearly double Telkom’s market cap.
The latest valuation was revealed in African Rainbow Capital Investments’ audited annual financial statements for the year ended 30 June 2023.
ARC attributed the increase to the business progressing beyond the period of significant net cash outflow and the recent acquisition of additional spectrum. African Rainbow Capital said there has been strong interest in the Rain One product since its launch in May 2023. However, Telkom’s share price plummeted over the last year on the back of poor results and no concrete plan to turn things around.
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