Telkom CEO sells shares worth over R6.2 million

Telkom has disclosed that company CEO Sipho Maseko has sold over R6.2-million worth of Telkom shares.

The disposal was announced on the JSE’s Stock Exchange News Service as is required by sections 3.63 to 3.65 of the JSE’s Listing Requirements document.

Maseko disposed of 87,505 shares at an average price of R32.62 on 12 November 2020, as well as 104,500 shares at an average price of R32.73 on 13 November 2020.

These two disposals total R6,274,552.05, and followed the vesting of options in terms of the company’s share scheme.

“The above transactions were done on market. Clearance to deal was received in terms of paragraph 3.66 of the Listings Requirements,” said Telkom.

Telkom struggles in a competitive market

This news follows recent comments by Maseko regarding how Telkom was not designed to operate in a competitive market.

“When you are a monopoly you do not have to compete, and that is what we were for 100 years,” said Maseko.

“We had salespeople – the title on their business cards said sales – but you were the only guy from who they could get the service. So, you are not a sales guy,” he said.

Maseko said that Telkom had to learn how to sell products and services, which it initially struggled with.

He said that even today he doesn’t believe Telkom is operating optimally within the context of a competitive market.

“I don’t think we are there yet because our systems and processes were not designed for a selling company,” said Maseko.

“Our people were not trained to sell. They were order takers – that is what they were trained to do.”

“That is what we need to change, and I think that will take us a long time. To transition a company from a monopoly to compete on products and services – that journey still has a long way to go,” said Maseko.

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Telkom CEO sells shares worth over R6.2 million