A shortlist of potential investors vying for a 30% equity shareholding in Swiftnet, a wholly-owned Telkom subsidiary, has been finalised and presented to Telkom, the fixed-line operator says.
Telkom spokesperson Lulu Letlape would not name the companies on the shortlist. However, she says Nedbank Capital, Telkom's independent advisor in the process, evaluated applicants according to their ability to finance the deal, black economic empowerment (BEE) credentials and the bidders' ability to enhance the Swiftnet business.
Potential investors presented their non-binding indicative offers on 7 August to Nedbank Capital, she adds.
Telkom initiated this tender in July in order to comply with the conditions of Swiftnet's data licence, which requires that a minimum 30% shareholding of Swiftnet be held by a BEE partner.
Telkom has unsuccessfully attempted to fulfil this requirement since 2001, when it purchased the 40% stake in Swiftnet that was held by then BEE partner VHR Wireless.
It will give the shortlisted bidders the opportunity to perform due-diligence studies on Swiftnet, before submitting final binding offers, says Telkom.
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