Shares in South Africa’s fixed line telecommunications giant, Telkom, will list at R28 when the stock makes its debut on the board of the Johannesburg Securities Exchange SA around 9am on Tuesday.
Figures released by Telkom shortly before the Johannesburg listing indicate that the company will have a market capitalisation of R15,6-billlion.
The offer of 25% of the government’s stake in the company raised betweeen R4-billion and R4,5-billion for state coffers, Telkom said.
Hundreds of thousdands of ordinary South Africa who applied to buy Telkom shares will be watching the markets closely on Tuesday morning. The shares in the general offer that were discounted by five percent will be listed at R26,60 each, and those in the Khulisa offer discounted by 25% at R22,40.
The Telkom shares will be officially listed on the telecommunications board of the JSE after a gala breakfast ceremony at the exchange in Sandton. Public Enterprises Minister Jeff Radebe, Finance Minister Trevor Manuel and Communications Minister
Ivy Matsepe-Casaburri are attending the function. – Sapa