Telkom director resigns

By Iain Scott for Telkom
Johannesburg, 06 Jul 2005

Telkom director Albertina Ngwezi has resigned from the Telkom board following the Public Investment Corporation`s (PIC`s) sale of part of its stake in Telkom.

Ngwezi was one of the two directors the PIC was entitled to appoint to Telkom`s board when it acquired 15.1% of the telecoms network operator from Thintana Communications last year.

The PIC, the state`s asset manager, still owns 8.4% of Telkom after selling the balance to the Elephant Consortium, for which it was warehousing the stake.

Telkom says that in terms of the articles of association, the PIC has the right to appoint only one director to its board, based on the PIC`s current shareholding relating to the Class B share.

Ngwezi is the PIC`s chief operating officer.

The remaining PIC representative on the Telkom board is Tshepo Mohloele, who heads the PIC`s Sibaya Fund.