NEW YORK-In its first privatization of a state-owned company, the government of South Africa sold a 25-percent stake in Telkom South Africa Ltd. March 4, raising $488 million, well below expectations but reflective of the current market for new stock offerings, especially by telecommunications companies.
The stock is traded on the JSE Securities Exchange in Johannesburg and, in the form of American Depository Receipts, on the New York Stock Exchange.
SBC Communications and Telkom Malaysia together own 30 percent of Telkom South Africa, which is a 50-percent owner of Vodacom, Africa’s largest mobile phone operator.
