TKG - Telkom SA Limited - Introduction of BEE part
TKG
TKG
TKG - Telkom SA Limited - Introduction of BEE partner into Swiftnet
Telkom SA Limited
(Registration Number 1991/005476/06)
ISIN ZAE000044897
JSE and NYSE Share Code TKG
("Telkom")
Introduction of BEE partner into Swiftnet
Telkom is pleased to announce the sale of a 30% stake in Swiftnet to
empowerment investors, the Radio Surveillance Consortium ("RSC"), for R55
million following a competitive sale process run by an independent adviser.
The transaction has been concluded without any financial support or
facilitation from Telkom. The transaction is still subject to competition
and ICASA approval.
Swiftnet is a wholly-owned subsidiary of Telkom and provides asynchronous
wireless access on Telkom`s X.25 network, Saponet-P. Swiftnet operates
under the name Fastnet Wireless Service, providing services to clients
using retail credit card and check point of sale terminal verification,
telemetry, security and vehicle tracking.
Commenting on the transaction, Telkom CEO Papi Molotsane said "Telkom and
Swiftnet have demonstrated their commitment to the spirit and principles of
empowerment with this transaction. We are proud to be at the forefront of
empowerment in the telecommunications sector, and we look forward to
working with RSC to ensure Swiftnet`s continued success."
Following the completion of the transaction, Swiftnet will be fully
compliant with ICASA`s license requirements which stipulate that license
holders must have 30% empowerment shareholding.
Johannesburg
14 February 2007
Sponsor: UBS
Date: 14/02/2007 16:58:01 Produced by the JSE SENS Department.
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