THE Airports Company of South Africa (ACSA) has defended the government’s decision to delay its initial public offering (IPO) and said it would spend R2.7bn on infrastructure over the next five years. The government, in consultation with Italy’s Aeroporti di Roma which holds 20% of ACSA, last week postponed the IPO to 2004 citing the slow pace in transforming the company and in addressing the issue of black economic empowerment. Local markets are also worried that the IPO for telecoms giant Telkom – scheduled for later this year – could also be delayed due to the current downturn on global equity markets. – Reuters