I would like to express her utter dismay at the opaque communication of Telkom’s sale of Telkom Media to Shenzhen Media SA, and wishes Telkom shareholders would do the same.
Neither Telkom nor Telkom Media spokesmen could say who or what Shenzhen was. Shareholders who have been funding Telkom Media to the tune of a few hundred million rand and who recently ratified a decision to wind up Telkom Media were told this week that Telkom had decided, on the contrary, to sell it, going against the decision that was mutually agreed. It also did not disclose the price or the identity of the buyer, other than its name.
It is also unclear if the deal is allowed in terms of broadcast legislation on foreign ownership as it appears that Shenzhen is a derivative of the Chinese company of the same name. The regulator, the Independent Communications Authority of SA, was also not available to throw light on the matter, although it has subsequently indicated that it will look into it.
All in all, some very sloppy stuff and as usual, complete disregard and little respect for shareholders.
Telkom Media sale discussion