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Telkom SA SOC Limited
Registration number 1991/005476/30
JSE share code: TKG
JSE bond code: BITEL
ISIN: ZAE000044897
("Telkom" or the “Company”)
MEDIA SPECULATION REGARDING A BID TO ACQUIRE A STAKE IN TELKOM AND CAUTIONARY
ANNOUNCEMENT
In response to the recent media articles, the last of which was published on Sunday, 11 June 2023,
relating to a bid by a consortium led by Sipho Maseko (Afrifund Investments Proprietary Limited) and
comprising Axian Telecom and the Government Employees Pension Fund, managed by the Public
Investment Corporation (collectively, the Consortium) to acquire a stake in Telkom, the Company
confirms that it has received an unsolicited non-binding indicative letter from the Consortium for the
acquisition of a controlling stake in Telkom, the merits of which are being assessed by the Telkom Board
of Directors in accordance with its fiduciary duties.
In this regard, the Company has requested the Consortium to provide further clarity on several matters,
including the proposed offer price and certainty of funding. As such, discussions remain of an exploratory
and non-consensual nature, there being no certainty that the outcome of these discussions will result in
a transaction.
However, having regard to the continued detailed media speculation and Telkom awaiting further clarity,
shareholders are advised to exercise caution when dealing in the Company’s shares until such time as a
further announcement is made.
Telkom continues to pursue its strategic value unlock initiatives and should such initiatives result in any
developments that may have a material effect on the value of Telkom’s shares, information on such
arrangements will be disclosed to shareholders.
Centurion
12 June 2023
Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
