The South African government will list
state-controlled telecom company Telkom on the New York and Johannesburg stock
exchanges by the end of March, Jeff Radebe, the minister of public enterprises,
said.
The initial public offering (IPO) of Telkom is viewed by the financial
markets as a measure of the South African government's resolve to liberalise its
economy in the face of strong labour movement opposition to privatisation.
"We are definitely on course for a listing of Telkom at the end of the
current financial year. We are totally committed to the programme," said Mr
Radebe.
The government plans on giving away 3% of the de facto monopoly to previously
disadvantaged groups.
