Update on cautionary announcement
Telkom SA SOC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/005476/30)
JSE Share Code: TKG
JSE Bond Code: BITEL
(“Telkom” or the “Company”)
UPDATE ON CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement released by the Company on SENS on 12 November 2019,
shareholders are advised that Telkom is in discussions with Cell C Limited ("Cell C") regarding the
potential acquisition of Cell C ("Potential Acquisition").
Telkom has substantially concluded its due diligence, however discussions are at a preliminary stage.
The Potential Acquisition will be subject to Cell C completing a financial restructuring to ensure that
its gearing levels are reduced to a sustainable level as specified by Telkom and commercial contractual
relationships are renegotiated to terms acceptable to Telkom. The Potential Acquisition will be subject
to a number of regulatory approvals.
The Potential Acquisition, if concluded, may have a material effect on the price of the Company’s
securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the
Company’s securities until a further announcement is made.
15 November 2019
Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 15/11/2019 10:19:00
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