Telkom says Vodacom listing is on track

reuben_septemberUSE.jpgSouth African fixed line operator Telkom has said that all processes related to divesting its share of mobile operator Vodacom, associated with the enity’s listing on the Johannesburg Stock Exchange (JSE) today, was firmly on track.

In a statement outlining the process, the company said the unbundling of its shares will be completed by next Monday.

“After the listing of Vodacom on the Johannesburg Securities Exchange (JSE) this morning, Telkom will continue to act in accordance with its legal obligations under the transaction agreements,” Telkom said.

Telkom will also pay a special dividend on 1 June.

South African mobile network provider, Vodacom, went ahead with its listing on the Johannesburg Stock Exchange (JSE) this morning, despite weekend efforts by trade unions and regulators to prevent the move.

The completed listing process will see the country’s largest fixes line operator, Telkom, sell 15 percent of its 50 percent stake in Vodacom to UK based mobile network giant Vodafone for ZAR22,5 billion, with a balance of the stock going to Telkom shareholders.