09 August 2001
South Africa's government said on Wednesday it was mulling amendments to its controversial telecommunications policy and was likely to announce changes next week.
The government surprised markets last month by announcing policy plans promising to license two rivals to state-controlled phone monopoly Telkom from next May, in a sharp departure from initial plans for just one new operator.
At the time the announcement pressured the rand and sent bond yields ticking higher on worries that the government would be unable to raise its budgeted 18 billion rand in revenues this fiscal year from the privatisation
programme.
"Cabinet agreed, in principle, to take on board some of the issues that have been raised," government spokesman Joel Netshitenzhe told a news conference on Wednesday, adding that he had no details of what concerns would be addressed.
He said possible amendments were being drafted by the ministries of communications, public enterprises and trade and industry.
The privatisation programme during the 2001/02 fiscal year is largely centered on the sale of part of the government's stake in mobile phone group M-Cell and the listing of state-owned telecoms group
Telkom, planned for November but subject to market conditions.
Telkom's biggest private shareholder, Thintana, last month threatened to sell part of its 30 percent stake in the telephone utility because of unhappiness with the telecoms policy.
"Virtually all the issues and concerns that have been expressed by industry will be taken into consideration," said
Netshitenzhe.
"The Minister of Communications and her colleagues in Trade and Industry and Public Enterprises will announce the details once these have been
finalised, during the course of next week.
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