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Telkom Rejects Approach from Oger Telecom

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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.

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Tags: vodacom  landline  telkom  dubai  dubai  saudi oger  South Africa