Once the terms have been agreed, the companies will present the Potential Strategic Venture to their respective boards of directors for approval before engaging with key stakeholders and presenting the terms of the venture to Telkom shareholders for approval, Telkom said on Wednesday.
In October last year Telkom announced it was in talks with KT Corporation for the South Korean company to take a 20% stake in the SA telecoms operator.
Should the two companies reach an agreement, KT would buy Telkom ordinary shares, by way of a specific issue of Telkom shares, at a price of R36.06 per share, which if implemented would result in KT having a 20% interest in the post-issue ordinary share capital of Telkom, worth about $600 million (R4.7billion).
Shareholders were once again advised on Wednesday that while discussions are ongoing, there is still no certainty that a formal transaction would be proposed or concluded.
Accordingly, shareholders were advised to continue exercising caution when trading in their securities until a further announcement is made.
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