Telkom to look for acquisitions in a few years

Telkom’s newly appointed chief executive considers Africa as a growth region and said on Tuesday it will look at acquisitions after two to three years.

Nombulelo Moholi took over the reigns on April 1 and faces a daunting task turning around the waning business as South Africa’s biggest fixed-line operator struggles to craft a turnaround strategy.

“For now we need to fix what we have, consolidate what we have, but Africa is a growth space for Telkom,” Moholi said during an interview on local television network

“I’ll say two to three years and then we’ll look at opportunities as they come,” she added.

Moholi said the recent sale of its struggling Nigerian business Multi-Links to Visafone Communications for $52-million was not a complete pullout from Africa’s most populous country.

“It is not a complete pull out, because we still have a fixed-line business in that area with over 5 000km of fibre in Nigeria,” she said. — Reuters

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