From their IPO prospectus:
"Telkom was incorporated on September 30, 1991 as a public limited liability company registered under the South African Companies Act, 61 of 1973, as amended. On that same date, the Government of the Republic of South Africa transferred the entire telecommunications enterprise of the then Department of Posts and Telecommunications of the Republic of South Africa to Telkom.
Telkom remained a wholly state-owned enterprise until May 14, 1997, when the Government sold a 30% equity interest in Telkom to Thintana Communications as part of its policy to liberalize the telecommunications market in South Africa. On March 30, 2001, the Government sold another 3% equity interest in Telkom from its holdings to Ucingo Investments (Proprietary) Limited, a company incorporated in the Republic of South Africa comprising a consortium of black empowerment investors, leaving the Government with 67% of Telkom’s issued and outstanding ordinary share capital.
Upon completion of the global offering, the Government of the Republic of South Africa will own approximately 42% of Telkom’s issued and outstanding ordinary share capital, or approximately 38% if the underwriters exercise their overallotment option in full, and Thintana Communications will own approximately 30% of Telkom’s issued and outstanding ordinary share capital."
