Telkom shares to be sold to prop up SAA

The Times (South Africa) - - The Things You Need To Know Today -

The gov­ern­ment aims to raise R4-bil­lion by sell­ing part of its 39% stake in Telkom to raise funds for un­prof­itable SAA and the Post Of­fice, say sources.

Most of the shares ear­marked for sale will be bought by pen­sion ad­min­is­tra­tor the Pub­lic In­vest­ment Cor­po­ra­tion and the R4-bil­lion is 16% of Telkom at cur­rent prices. Details of the deal will be dis­cussed by the gov­ern­ment this week.

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