{"id":26085,"date":"2012-11-08T13:07:57","date_gmt":"2012-11-08T11:07:57","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=26085"},"modified":"2012-11-08T13:30:22","modified_gmt":"2012-11-08T11:30:22","slug":"crisis-hit-telkom-dips-below-r17","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/26085\/crisis-hit-telkom-dips-below-r17\/","title":{"rendered":"Crisis-hit Telkom dips below R17"},"content":{"rendered":"

Shares in Telkom<\/a> dipped below R17 in noon trade on the JSE<\/a> on Thursday (8 November) as investors continued to pull out of the crisis hit firm.<\/p>\n

Shortly before 13:00, shares in Telkom declined 22 cents, or 1.28%, to R16.98 on the local bourse, giving the group a market cap of R8.84 billion. Telkom\u2019s share price has declined more than 40% in 2012, alone.<\/p>\n

A sell-off was prompted on Monday (5 November) by news of the resignation of Telkom\u2019s CEO Nombulelo Moholi<\/a>. Shares declined more than 4% following the announcement on SENS.<\/p>\n

It also follows a boardroom showdown between the minister of Communications, Dina Pule<\/a> and a number of exiting executives, at the group\u2019s AGM.<\/p>\n

Pule has in recent weeks been more vocal about the government\u2019s role in Telkom, in which is at a 39% stake.<\/p>\n

Earlier this year, government, through Cabinet blocked a deal between Telkom, and Korea telecoms firm, KT Corp<\/a>.<\/p>\n

A dealer told BusinessTech that those investors who had been biting the bullet over Telkom, were likely to pull out following Moholi\u2019s resignation.<\/p>\n

The dealer said the news of Moholi\u2019s resignation appeared to signal the beginning of the end for Telkom as a private company.<\/p>\n

Cabinet tasked minister Pule\u00a0to report back to it about all the options that were available for Telkom.<\/p>\n

Pule recently said that the DoC<\/a> expected Cabinet to \u201cpronounce\u201d on the options that are available to find a lasting and sustainable solution for Telkom\u2019s turnaround.<\/p>\n

Related article<\/strong><\/p>\n

Telkom not lacking policy direction: Pule<\/strong><\/a><\/p>\n

Telkom shareholder PIC calls for stability<\/strong><\/a><\/p>\n

Moholi exit a \u201cbig blow\u201d \u2013 analyst<\/strong><\/a><\/p>\n

Telkom CEO to step down<\/strong><\/a><\/p>\n

Telkom CEO rubbishes resignation rumours<\/strong><\/a><\/p>\n

DoC hints at mobile and fixed-line partners for Telkom<\/strong><\/a><\/p>\n

Telkom turned around says Pule<\/strong><\/a><\/p>\n

Telkom-Cell C merger rumours<\/a><\/strong><\/p>\n

More confusion over Telkom future<\/a><\/strong><\/p>\n

Telkom delivers earnings warning<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in Telkom dipped below R17 in noon trade on the JSE on Thursday as investors continued to exit the crisis-hit firm.<\/p>\n","protected":false},"author":9,"featured_media":7050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1083,26,175,2198,65],"class_list":["post-26085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-dina-pule","tag-headline","tag-jse","tag-nombulelo-moholi","tag-telkom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/26085","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=26085"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/26085\/revisions"}],"predecessor-version":[{"id":26089,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/26085\/revisions\/26089"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/7050"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=26085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=26085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=26085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}