SA`s fixed-line operator Telkom has repurchased 17 million shares, or just over 3% of its share capital.
In a note to the JSE news service yesterday, the telecommunications company says it purchased 16.9 million shares since January 2004, at an average price of R73.77.
Telkom has a special resolution to purchase up to 20%, or 111.4 million shares, of its issued share capital.
Between 15 September 2004 and 30 September 2004, 1.3 million shares were repurchased. Some 12 million shares were repurchased between 29 June 2005 and 30 September 2005. In addition, 3.5 million shares were repurchased between 12 June and 13 July 2006.
The R96.86 million worth of shares were bought for an average price of R73.77, it says. The shares were funded from available cash resources.
By 1.35pm yesterday, the fixed-line provider`s shares were trading at R120.70, 65% down on the day. A further 12.97% - or 72.3 million shares - can still be acquired.
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