Telkom shareholders have approved the disposal of Swiftnet masts and tower business.

Telkom shareholders have approved the disposal its Swiftnet mast and tower business to a consortium of equity investors.

The company announced that, pursuant to the general meeting of its shareholders, the ordinary resolution required to implement the disposal was approved by the required majority of votes.

Last month, Telkom said it would convene the general meeting of shareholders to approve the resolution for the proposed disposal of 100% of its shares in Swiftnet to a purchasing consortium. The consortium comprises an infrastructure fund, Actis Ohio Fund, managed by Actis and an infrastructure vehicle that is 100% owned by Royal Bafokeng Holdings.

The general meeting, convened today, approved the transaction.

According to Telkom, this move underscores its commitment to fortifying its financial position, reducing debt and enhancing liquidity.

Swiftnet, a key player in the South African market, has extensive masts and towers infrastructure, with approximately 4,000 installations and leasing co-location space to major mobile network operators, according to Telkom.