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Telkom may sell properties to finance mobile network tower development project

Telkom SA SOC Ltd. is considering a potential sale of some of its 1,332 properties to secure funds to help develop additional mobile network towers in South Africa, Bloomberg News reported, citing an interview with Telkom CEO Sipho Maseko.

The property portfolio of the South Africa-based information and communications technology services provider has a book value between 10 billion rand and 12 billion rand, Maseko said.

The company's shares rose 4.09% to 90 rand at 5:05 p.m. Johannesburg time on May 27 following the news.

The potential sale is part of the company's strategy to scale its business, according to the report. Telkom is also seeking an equity partner for the project, according to the report.

As of May 24, US$1 was equivalent to 14.44 South African rand.