Telkom SA SOC has initiated the sale of a percentage stake in Openserve, as the public enterprise seeks to boost profits and also unlock value for its shareholders.
The telecom group is working with Bank of America Corp. to gauge interest in its fiber business from potential investors and strategic partners.
As it stands, Openserve operates around 170 000 km of fiber and legacy landline copper cables. Telkom revealed in February that it had received a number of expressions of interest in the business, and that a sales process would be initiated by the end of its 2023 fiscal year.
The JSE-listed company is also in the process of selling some its towers unit, which has attracted interest from a number independent tower operators.
Telkom will update its shareholders on the plans during the presentation of annual results in June.
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