South Africa said on Friday it would launch a public education campaign for phone utility Telkom’s listing in October, signalling its intention to proceed with the initial public offering (IPO) by next March.
Public Enterprises Minister Jeff Radebe said in a statement the campaign to be launched on October 3 was designed to encourage and enable South Africans to participate in the mainstream economy.
”This campaign, which is part of our preparations for the initial public offering of Telkom SA Limited, will teach the fundamentals of share ownership, investment and savings,” said Radebe.
The government has repeatedly said that the long-delayed IPO would take place during the current fiscal year that ends in March. It is seen as a benchmark for the government’s multi-billion rand privatisation programme.
The listing of at least 20% of Telkom in Johannesburg and New York has been delayed by global equity markets volatility. An IPO this current fiscal year is expected raise about R10-billion.
The government has already invited bids for domestic public relations services for the IPO. – Reuters