Telkom Celebrates 3 years as a listed Company, consumers have little to cheer about
“This landmark event not only kick started Government’s programme to restructure state-owned assets, but also broke new ground in developing a culture of share ownership among ordinary South Africans,” Telkom said today.
To commemorate the listing anniversary Nomazizi Mtshotshisa, Chairman of the Board, and CEO Papi Molotsane, joined executives of the NYSE to ring the opening bell in celebration of Telkom’s 3rd year as a listed company.
One of the most familiar features of the NYSE is the loud, distinct bell, which signals the beginning and ending of trading each day.
Telkom Chairperson Nomazizi Mtshotshisa said that at the time of Telkom’s listing, share ownership was generally the preserve of a privileged few South Africans.
“Ordinary working-class people, especially black men and women, did not participate in the country’s wealth. In fact, they did not even understand the concept of owning shares. Together, Telkom and the South African government turned that situation around,” Mtshotshisa said.
Mtshotshisa also said that the Company’s contribution to economic prosperity goes beyond share ownership. Telkom is the most empowered company listed on the JSE Securities Exchange, 62% of its procurement spend is with BEE companies and the composition of its Board and executive management team reflect the composition of the country’s population in a manner which few other companies can equal.
While Mtshotshisa and Telkom celebrate their listing success and congratulate themselves for their contribution to economic prosperity, South Africa continues to suffer from exorbitant telecoms costs.
Thabo Mbeki, Paris Mashile, Roy Padayachee and many others highlighted the negative impact our high telecoms costs have on the local economy, business growth and international investments.
Telkom however seems to be oblivious to this commonly held view and continues to aggressively defend their prices which are often over 2000% more expensive then international rates.
While the champagne is merrily flowing in the Telkom boardrooms, the common public pay heavily for Telkom’s celebration through restrictive costs and lack of affordable services.
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