Thintana strikes deal for Telkom stake sale

10 Nov 2004

Thintana Communications, a joint venture between SBC Communications of the US and Malaysia’s Telekom Malaysia, has struck an agreement with a South African consortium led by Andile Ngcaba and Women Investment Portfolio Holdings, and advised by African National Congress (ANC) spokesman Smuts Ngonyama, to sell its 15.1% stake in the country’s incumbent telco Telkom. The deal has been met with criticism from the government, which has suggested that there is a conflict of interests between the two parties, but Telkom was quick to dismiss these allegations, claiming that the change of ownership brings it one step closer to becoming a properly accredited black economic empowerment (BEE) company; Telkom has previously been criticised for lacking a strong black shareholder.

South Africa, Telkom South Africa