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Dr Sivi Gounden, the Director General of the Department of Public Enterprises, today confirmed that the Initial Public Offering of Telkom SA is on track. This is borne out by the positive results posted by Telkom yesterday.

He also advised that it would be premature to propose a definitive date for the listing, as this would depend on market conditions.

He confirmed, however, that all the preparatory work, including the regulatory and legislative framework and negotiations with the SEP, Thinthana, are proceeding as planned and have taken place in line with the IPO programme.

Government remains committed to executing the IPO in the earliest practicable timeframe in the current fiscal year, subject to market conditions.

Enquiries: Fani Zulu on 082 451 0457

Issued by: Ministry of Public Enterprises, 4 July 2001