Telkom SA Limited - Vodacom withdraws from Nitel d
Telkom SA Limited - Vodacom withdraws from Nitel deal in Nigeria
Telkom SA Limited
(Registration Number 1991/005476/06)
ISIN: ZAE000044897
JSE and NYSE Share Code: TKG
("Telkom")
VODACOM WITHDRAWS FROM NITEL DEAL IN NIGERIA
Vodacom Group (Proprietary) Limited ("Vodacom Group" or "Vodacom") (unlisted) in
which Telkom has a 50.0% holding today issued the following press release:
"The Vodacom Group Board has decided not to proceed with its joint bid with
Telkom for an equity stake in Nitel, Nigeria. As the Nigerian Government is not
considering a separation of the fixed and mobile businesses of Nitel at this
stage and as Vodacom"s preference is to invest in a pure mobile player it has
decided to withdraw from this process.
The Vodacom Group however remains open to an equity investment in Nitel"s mobile
business should the opportunity arise and will consider managing the mobile
operation of Nitel in the absence of an equity investment if requested to do so
by Telkom."
Telkom is committed to the Nitel bid and will continue to pursue the acquisition
of 51% of Nitel. Discussions are continuing with suitable partners.
Pretoria
21 October 2005
Date: 21/10/2005 05:05:22 PM Produced by the JSE SENS Department
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