Telkom explains why it removed its branding from iconic Pretoria tower

The Lukasrand Tower near Pretoria was spotted without its usual Telkom branding this past weekend, 10–11 February 2024.

However, Telkom has dispelled speculation that it might have had to do with a deal to sell its tower infrastructure.

“The Lukasrand branding has been taken down for maintenance and refresh,” Telkom told MyBroadband.

Telkom also confirmed that its branding remains on the Hillbrow Tower. Its maintenance was done about two years ago.

Telkom revealed last year that it was in exclusive negotiations with a preferred bidder over the disposal of its mast and towers business, Swiftnet SOC Limited.

Group CEO Serame Taukobong said during interviews at Telkom’s half-year results in November that a deal was close.

Serame Taukobong, Telkom Group CEO

Telkom revealed details about the talks in a cautionary announcement posted to the Johannesburg Stock Exchange (JSE) news service before releasing its interim financial results on 21 November 2023.

“The preferred bidder is a consortium of equity investors (including a Black Economic Empowerment partner), led and managed by a reputable private equity firm,” it said.

Telkom said it was in negotiations to conclude transaction agreements and added that it would provide an update per the JSE’s listing requirements.

If successfully concluded, the transaction will be subject to customary conditions for a deal like this, including receiving required regulator approvals and Telkom shareholder approval.

However, Telkom noted that the negations may not lead to a transaction, and it advised its shareholders to be cautious when dealing in its securities until a further announcement is made.

Telkom had planned to list its masts and towers business on the JSE by the end of 2022.

However, the initial public offering was delayed because of unfavourable market conditions related to Russia’s invasion of Ukraine.

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Telkom explains why it removed its branding from iconic Pretoria tower