| Mon 10 Nov 2008, 14:00 | | TKG - Telkom - Acquisition of MWEB Africa and majority equity stake in MWEB |
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TKG
TKG
TKG - Telkom - Acquisition of MWEB Africa and majority equity stake in MWEB
Namibia
Telkom SA Limited
(Registration number: 1991/005476/06)
(ISIN number: ZAE000044897)
JSE and NYSE share code: TKG
("Telkom" or "the company")
Acquisition of MWEB Africa and majority equity stake in MWEB Namibia
Telkom International (Proprietary) Limited, a wholly-owned subsidiary of Telkom,
today announced it has entered into agreements to acquire 100% of MWEB Africa
Limited ("MWEB Africa") and 75% of MWEB Namibia (Proprietary) Limited. The
purchase price for the MWEB Africa group including AFSAT and MWEB Namibia is
US$63 million (approximately R610 million). These shareholdings will be acquired
from Multichoice Africa Limited and MIH Holdings Limited respectively, which are
members of the Naspers Limited Group.
MWEB Africa is an internet services provider in Sub-Saharan Africa (excluding
South Africa) and also provides network access services in some countries.
Although its operations are largely focused on corporate customers, MWEB
Africa`s predominantly satellite-based internet access offerings allows the
company to reach a wide range of customers, many of whom are not reached by
traditional fixed-line infrastructures.
The MWEB Africa group is headquartered in Mauritius with operations in Namibia,
Nigeria, Kenya, Tanzania, Uganda and Zimbabwe, an agency arrangement in Botswana
and distributors in 26 Sub-Saharan African countries.
The successful conclusion of the agreements being entered into is subject to
conditions precedent, including regulatory approvals being obtained in certain
African jurisdictions.
10 November 2008
Pretoria
Sponsor: UBS South Africa (Pty) Ltd
Date: 10/11/2008 14:00:03 Produced by the JSE SENS Department.
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