The Public Investment Corporation (PIC) has sold 26% of its stake in Telkom, reducing its shareholding to below 10% for the first time in years. As of August 23, 2024, Telkom announced that the PIC now holds a 9.949% interest, down from 13.4% in March 2024.
The PIC disposed of 3.45% of Telkom’s total shares, equating to R454.5 million based on the closing price of R26.94 per share. With the sale, the government’s combined stake in Telkom, which includes 40.5% ownership, remains above 50%, ensuring continued control over the company.
The PIC first acquired its Telkom shares in 2004, buying a 15.1% stake from Thintana Communications. This stake has been reduced over time, with the PIC now holding 9.949%. Despite recent challenges, including a 66% drop in Telkom’s value over the past five years, the PIC’s decision to sell aligns with its strategy to seek better investment opportunities.
