Battle for Telkom: Toto hopes second bid for government's stake is the charm

Black-owned investment company Toto Consortium believes its R7-billion bid to buy government's 40.5% stake in Telkom will help ease the state's fiscal burden, while the deal also won't lessen competition in the telecoms sector.

Its bid came as Telkom entered talks with MTN about its possible takeover, while Rain also announced a plan to merge with the group.

"We are long-term investors, and Telkom has been on our radar since early 2010," said Toto's chairperson and main stakeholder, Bongani Gigaba. Toto is part of a BEE consortium that owns 24% of Richards Bay Minerals, and it also has interests in other sectors.