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SACP urges government to up stake in Telkom

JOHANNESBURG – THE South African Communist Party (SACP) wants the government to further consolidate its position in Telkom, the telecommunications company.

It opposes further dilution or privatisation, which the party said it would mobilise to oppose “vehemently.”

The government equity stake in Telkom is 40,51 percent, while that of the Public Investment Corporation (PIC) is 13,39 percent.

Thus, the government and the PIC, which is a public entity, control a combined stake of 53,9 per cent, which SACP sees as decisive.

“By further consolidating its stake, the government can increase public ownership in Telkom, and work together with the PIC in pursuit of a developmental mandate,” SACP stated.

SACP believes the government must build and strengthen thriving state participation in the information and communication technology network industry as part of the wider imperative to build a more diversified and growing public economy on behalf of the people as a whole.

“At present, the industry is dominated by the duopoly of Vodacom and MTN,” according to SACP.

Telkom, previously a loss-making entity, has recently been subject of an approach by its former chief executive officer, Sipho Maseko, who is part of the Afrifund group.

– CAJ News

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