A consortium led by Sipho Maseko (Afrifund Investments Proprietary Limited) and comprising Axian Telecom and the Government Employees Pension Fund, managed by the Public Investment Corporation made an offer to acquire unknown majority stake in Telkom SA SOC Ltd (JSE:TKG) on June 11, 2023. The Telkom board of directors (the Board) having considered the Indicative Proposal, has decided not to continue discussions with the Consortium.