{"id":14245,"date":"2012-06-01T09:30:53","date_gmt":"2012-06-01T07:30:53","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=14245"},"modified":"2012-06-01T11:16:53","modified_gmt":"2012-06-01T09:16:53","slug":"telkom-korea-telecom-transaction-not-going-ahead","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/14245\/telkom-korea-telecom-transaction-not-going-ahead\/","title":{"rendered":"Telkom, Korea Telecom transaction not going ahead"},"content":{"rendered":"<p><a title=\"Telkom\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/1637-Telkom\">Telkom<\/a> today (1 June) advised shareholders that the potential strategic venture with <a title=\"KT - Korea Telecom Corporation\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/1638-KT-Korea-Telecom-Corporation\">Korea Telecom Corporation<\/a> will not go ahead.<\/p>\n<p>&#8220;Telkom has been informed by the Honourable <a title=\"Dina Pule\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/2128-Dina-Pule\">Minister of Communications<\/a> that the proposed transaction between the Companies had been presented to cabinet on 30 May 2012 and that cabinet had taken the decision not to support the transaction as proposed,&#8221; the group said in a statement on Friday.<\/p>\n<p>Telkom advised shareholders on 1 June 2012 that the company will be engaging with the Honourable Minister of Communications to discuss cabinet\u2019s decision and the implications thereof.<\/p>\n<p>&#8220;This engagement will seek to obtain clarity on the context of the decision given that Korea Telecom, and the transaction, were introduced to Telkom by Government,&#8221; it said.<\/p>\n<p>Earlier this month, Telkom announced that it had reached an agreement regarding the terms of a potential strategic venture with KT Corporation, however, at a revised cash issue price due to a decline in its share price.<\/p>\n<p>KT had been set for a strategic equity shareholding of 20% in the post-issue ordinary share capital of Telkom by way of a specific issue of shares for cash.<\/p>\n<p>In early trade on the <a title=\"JSE Limited\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/1663-JSE-Limited\">JSE<\/a>, shares in Telkom declined 51 cents, or R2.23 to R22.40.<\/p>\n<p><strong>Related Articles<\/strong><\/p>\n<p><strong><a title=\"Telkom shares slump 5% as investors seek KT Corp clarity\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/14175\/telkom-shares-slump-5-as-investors-seek-kt-corp-clarity\/\">Telkom shares slump 5% as investors seek KT Corp clarity<\/a><\/strong><\/p>\n<p><strong><a title=\"Telkom agrees KT Corp deal at cut price\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/11828\/telkom-agrees-kt-corp-deal-at-cut-price\/\">Telkom agrees KT Corp deal at cut price<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Telkom today (1 June) advised shareholders that the potential strategic venture with Korea Telecom Corporation will not go ahead.<\/p>\n","protected":false},"author":9,"featured_media":4810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[26,1781,65],"class_list":["post-14245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-headline","tag-kt-corp","tag-telkom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/14245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=14245"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/14245\/revisions"}],"predecessor-version":[{"id":14264,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/14245\/revisions\/14264"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/4810"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=14245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=14245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=14245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}