Hard to let go

Government still own 38%! They are still one of the single largest shareholders (if not the biggest) and have enough clout to basically force Telkom to do what they want. I've mentioned it before and I'll say it again: Carl Icahn almost managed to get Time Warner to do some major restructuring, and all he owned was a measly 3%! With 38% (all that's needed is another 12% of shareholders to get an outright majority) ownership they should be able to make Telkom do whatever they want.

You own a major share of the votes! USE IT!
 
Ah, but you must remember that the 38% is not with the DPE, but with the DoC. I dont think the DoC wants to let that one go, though technically they should, and Telkom dont want the status quo to change. Not only will they have a new "owner" that dont have a vested interest in Telkom's profits, but by the overall theme of the article, the performance targets of Telkom would simply change from maximising private returns to maximising social returns balanced with remaining profitable. And this the other investors dont really want.
 
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