Telkom Rejects Approach from Oger Telecom
Published on: 30th Mar 2008
Note -- this news article is more than a year old.
South Africa's dominant landline operator, Telkom has announced that it has rejected a takeover offer from Dubai based Oger Telecoms as it is not in the interests of Telkom shareholders. Oger Telecoms is a subsidiary of Saudi Oger Ltd., a Saudi Arabian construction company founded by former Lebanese Prime Minister Rafik Hariri.
In its statement to the Johannesburg stock exchange, Telkom also announced plans to invest in the build of a fixed-wireless (voice and data) and a mobile data network. The timing, extent and implication of the roll-out of this network will be announced later.
The company also said that it is supportive of the BEE plans by its 50% subsidiary, Vodacom but refused to comment further until the final plans are announced.