Minister of Communications Ivy Matsepe-Casaburri announced on Wednesday the names of two of the three potential bidders for the unallocated equity in the second national telephone operator (SNO).
They are Old Mutual Asset Managers and Tata Africa Holding.
”The third party have asked that we do not reveal their name at this stage,” she said.
The announcement follows a notice in the Government Gazette on September 14, inviting interested parties to submit an expression of interest for the unallocated equity in the SNO.
Interested parties had to satisfy certain requirements appended to the Gazette.
Last month, Matsepe-Casaburri granted the licence to provide a second fixed-line telecommunications service in South Africa.
It was conferred on a consortium consisting of black empowerment group Nexus Connexion, Transtel, Esitel, WIP Investments Nine (trading as Communitel), Two Telecom Consortium and the as-yet-unallocated shareholder.
The licence was conditional on the companies accepting a shareholding and control structure for the new SNO.
Explaining the structure of the SNO during an earlier media briefing, Matsepe-Casaburri said a new company — SepCo — will be incorporated, which will hold 51% of the equity share capital of the SNO.
Control of SepCo will be held by a new financial investor, which will have a 51% shareholding in SepCo. CommuniTel and Two Telecom Consortium will each hold 24,5%.
Transtel and Esitel will together hold 30% of the equity share capital of the SNO, and Nexus 19%.
The new financial investor will control the board of SepCo, which will in turn control the board of the SNO, she said. — Sapa