Telkom says to cut at least 300 jobs

As fixed-line operator nears completion of turnaround plan.

JOHANNESBURG – South Africa’s fixed-line operator Telkom plans to cut at least 300 jobs at its head office as part of a turnaround strategy that includes reducing costs, it said on Friday.

The company, in which the government owns a stake of about 40%, plans to also outsource 260 roles.

“We have made important progress on our turnaround in the past two years but we still have a lot to do,” said Telkom Group chief executive officer Sipho Maseko in a statement.

Trade union Solidarity said it was “aggrieved” by the retrenchment notice and will negotiate for the survival of as many positions as possible, the union told Reuters.

“We will always fight tooth and nail to ensure minimal job losses,” Solidarity union media relations officer Francois Redelinghuys told Reuters.

Telkom is nearing the end of the first phase of a turnaround strategy that includes cutting jobs, outsourcing services such as telephone directory printing and selling some properties in a portfolio whose size is slightly larger than Luxembourg.

Telkom’s share price, which has climbed by 300% since Maseko took the reins two years ago, closed down 0.93% at R53.00 in Johannesburg.

COMMENTS   0

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: