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Further Cautionary Announcement
Telkom SA SOC Limited
Registration number 1991/005476/30
JSE share code: TKG
JSE bond code: BITEL
ISIN: ZAE000044897
("Telkom" or the "Company")
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to Telkom's cautionary announcements released on SENS, the last of which
was dated 8 January 2024, wherein shareholders were advised that Telkom is currently in exclusive
negotiations with a preferred bidder in respect of the potential disposal of its masts and towers business
housed in Swiftnet SOC Limited, which, if successfully concluded, may have a material effect on the price
of the Company's securities.
Shareholders were informed that the preferred bidder is a consortium of equity investors (including a
Black Economic Empowerment partner), led and managed by a reputable private equity firm.
Shareholders were also informed that the transaction, if successfully concluded, will be subject to
conditions precedent that are customary for a transaction of this nature, including the receipt of the
necessary regulatory approvals and Telkom shareholder approval given that it would constitute a
Category 1 transaction in terms of the JSE Limited Listings Requirements ("JSE Listings
Requirements").
Shareholders are herewith further informed that substantial progress has been made on meeting the
remaining agreed milestones under the exclusivity arrangement, including that the parties have
significantly progressed their negotiations to agree transaction agreements, and the Company expects
to be able to make a more detailed announcement on or before it is required to update this cautionary
announcement in accordance with the JSE Listings Requirements.
Shareholders are advised that these exclusive negotiations may or may not lead to a transaction, and
therefore, are advised to continue to exercise caution when dealing in the Company's securities until a
further announcement is made.
Centurion
19 February 2024
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Legal advisor
Bowman Gilfillan Inc.
Financial advisor
FTI Capital Advisors (DIFC) Limited
Date: 19-02-2024 07:10:00
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