| Tue 9 Nov 2004, 9:01 | | Telkom welcomes new BEE strategic shareholder |
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Telkom SA Limited welcomes new BEE strategic shareholder
Telkom SA Limited
(Registration Number 1991/005476/06)
ISIN ZAE000044897
JSE and NYSE Share Code TKG
(`Telkom`)
Telkom SA Limited welcomes new BEE strategic shareholder
Telkom was yesterday informed that a BEE consortium led by Andile Ngcaba and
Women Investment Portfolio Holdings Limited and advised by Smuts Ngonyama (the
`Consortium`), has concluded an agreement to acquire the remaining 15.1%
interest held by Thintana Communications LLC (`Thintana`) in Telkom. The
agreement is subject to the fulfilment of a number of conditions precedent,
which are anticipated to be fulfilled by no later than 15 November 2004. The
Consortium will also acquire the special class B ordinary share in Telkom held
by Thintana which will give the Consortium certain rights as a strategic equity
investor.
Sizwe Nxasana, CEO of Telkom said:
`This is a positive new development and we welcome the Consortium as a new
strategic shareholder and look forward to the value they will add to Telkom. I
would also like to thank Thintana for their support and input over the last
seven years. The knowledge and experience gained from the Thintana executives
has been greatly beneficial to Telkom`.
Telkom and its new strategic shareholder intend to have preliminary discussions
shortly.
Johannesburg
9 November 2004
Special note regarding forward-looking statements
All statements contained herein, as well as oral statements that may be made by
us or by officers, directors or employees acting on behalf of the Telkom Group,
that are not statements of historical fact constitute `forward-looking
statements` within the meaning of the US
Private Securities Litigation Reform Act of 1995, specifically Section 21E of
the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that
could cause our actual results to be materially different from historical
results or from any future results expressed or implied by such forward-looking
statements. Among the factors that could cause our actual results or outcomes to
differ materially from our expectations are those risks identified under the
caption `Risk Factors` contained in item 3 of Telkom`s most recent annual report
on Form 20-F filed with the U.S. Securities Exchange Commission (SEC) and our
other filings with the SEC, available on Telkom`s website at
www.telkom.co.za/ir, including, but not limited
to, increased competition in the South African fixed-line and mobile
communications markets; developments in the regulatory environment; Telkom`s
ability to reduce expenditure, customer non-payments, theft and bad debt, the
outcome of arbitration or litigation proceedings with Telcordia Technologies
Incorporated and others; general economic, political, social and legal
conditions in South Africa and in other countries where Vodacom invests;
fluctuations in the value of the Rand and inflation rates, our ability to retain
key personnel; and other matters not yet known to us or not currently considered
material by
us. You should not place undue reliance on these forward-looking statements. All
written and oral forward-looking statements, attributable to us, or persons
acting on our behalf, are qualified in their entirety by these cautionary
statements. Moreover, unless we are required by law to update these statements,
we will not necessarily update any of these statements after the date hereof
either to conform them to actual results or to changes in our expectations.
Date: 09/11/2004 08:55:06 AM
Produced by the JSE SENS Department
