Telkom chairman follows CEO in purchasing shares

Telkom chairman follows CEO in purchasing shares

Telkom chairman Jabu Mabuza has followed the South African operator’s chief executive officer (CEO) Sipho Maseko in buying shares in the company.

In a statement to shareholders Telkom said Jabu Mabuza, chair of the board since last year, had bought nearly ZAR500,000 (US$500,000) in shares on July 15.

HumanIPO reported last week Maseko, who was appointed CEO in March after a five-month hunt for a new chief, had bought almost ZAR1 million (US$100,000) in shares, with the value of the company’s stock having increased by almost 60 per cent since a 52-week low in May.

Telkom published annual results in May, which showed a 1.7 per cent drop in operating revenue and 73.2 per cent in headline earnings per share (HEPS).

The operator had published a warning in April there would be at least a 20 per cent drop in HEPS, while it also confirmed an impairment of its legacy network to the value of ZAR12 billion (US$1.2 million).

Telkom also saw its fixed-line penetration rate drop to 7.3 per cent – 5.2 per cent down on March 2012 – while there were reports it was set to cut staff numbers and dispose of non-profitable assets as it looked to cuts costs.

Posted in: Telecoms

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