South Africa’s third-largest mobile operator, Telkom, has postponed the listing of its mast and towers business, citing the fallout from Russia’s invasion of Ukraine, which has cast a shadow on global financial markets.
Swiftnet was meant to be listed on the Johannesburg Stock Exchange by the end 2022, but the initial public offering (IPO) has now been delayed until further notice. The decision will also come as a blow to the JSE, which has been starved of new listings in recent years.
The company has long argued that the value of its various business units are not reflected in the group share price and the potential listing of Swiftnet was one avenue to unlock the value of its business.
Swiftnet revenue grew 4.6% to R317m in third quarter to end-December.
The listing postponement came two days after Prosus wrote down its $769m stakes in Russian social networking platform VK Group, illustrating how the war has affected the investment markets. Prosus is the international e-commerce arm of Naspers.
