Telkom happy to wait

Telkom South Africa says it will not rush into foreign acquisitions, despite growing pressure from investors to enlarge its business. The telco is facing increasing domestic competition and shareholders are keen to see it expand into new markets. Moneyweb reports, however, that CEO Papi Molotsane is happy to wait for the right opportunities abroad rather than rush into hasty deals. Telkom missed several chances to expand last year, having refused to bid for a 51% stake in Nigeria’s dominant fixed line operator Nitel and failed to increase its stake in South African mobile operator Vodacom. Molotsane says Telkom is not resting on its laurels and it will pursue opportunities abroad when the time and the price is right. Meanwhile, it is pushing ahead with its domestic broadband rollout in an effort to maintain market share at home.