Rain Submits Proposal to Aquire Telkom

In light of recent events in the race to acquire Telkom, it has been revealed that Rain Telecom made its move in a bid to buy Telkom.

Shareholders are advised that Telkom received a non-binding proposal from Rain on 14 September 2022, in terms of which Rain proposes the potential acquisition of Rain by Telkom for newly issued shares in Telkom. The Telkom board is evaluating the Rain proposal and is not yet in a position to express a view thereon.

Statement by Telkom

However, following the proposition by Rain, MTN sent a letter to Telkom to inquire about the matter.

The board of directors of MTN has considered the announcement issued by Telkom in which it refers to a non-binding proposal that Telkom has received from Rain.

Based on such announcement, the board of MTN has addressed a letter to the board of Telkom containing MTN’s comments thereon. MTN received a response from Telkom, advising that it will respond to the MTN letter more fully in due course. A further announcement will be released by MTN, setting out its position with regards to the future of the transaction.

In the meantime, shareholders are advised to continue to exercise caution when dealing in the company’s securities, as this could have a material effect on the share price of MTN.

Statement by MTN