Telkom CEO Sipho Maseko sells R10.8 million in shares

Telkom has announced that its CEO, Sipho Maseko, has sold 112,368 of his Telkom shares, amounting to R10,800,531.

Telkom has had an excellent share price run in 2019, increasing from R61.96 per share in January to its current share price of R96.90.

This share price growth was supported by the company’s strong mobile performance and a growing interest from foreign investors.

Investors shrugged off the company’s decline in fixed-line subscribers, voice revenue, and the poor performance of BCX.

Cannon Asset Managers CEO Adrian Saville explained that of specific interest to investors is Telkom’s underlying property portfolio held through an entity called Gyro.

Gyro’s subsidiaries manage Telkom’s portfolio of 1,332 properties, which includes offices, client-service centres, residential dwellings, land parcels, and 6,500 masts and towers.

“We expect this portfolio to be separately listed through the course of the next year or so,” said Saville.

Telkom share price

The graph below shows Telkom’s share price growth over the last six months.

Now read: Behind Telkom’s surprising share price rise

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Telkom CEO Sipho Maseko sells R10.8 million in shares