Friday, February 13, 2009

Telkom to Pay Dividends from Sale to Vodafone

South African Telkom will pay its shareholders a special dividend from the sale of part of its stake in Vodacom to Vodafone. The company said it will distribute 50 percent of the after-tax proceeds from the sale to its shareholders, equal to around ZAR 19 per Telkom share.

Vodafone and Telkom agreed in November that Vodafone would acquire an additional 15 percent stake in Vodacom for ZAR 22.5 billion, taking its stake to 65 percent. Vodacom will be listed on the Johannesburg Stock Exchange, and the remaining shares in Vodacom held by Telkom will be distributed to Telkom's South African shareholders.

Telkom will provide more details to sharehodlers in a circular to be sent out next month ahead of its shareholders meeting. 

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