Telkom Picks Up About R620m In Record Sa Property Auction

SA's third-biggest mobile operator, Telkom, has disposed of 17 non-core properties for a cash injection worth R617 million.

According to the property marketing and auction company In2assets, the properties included commercial buildings, administration blocks, development sites and land in the Cape Town CBD, Johannesburg, Pretoria, Durban, Port Elizabeth and Welkom.

After going live on 29 August, the bid attracted 127 registered bidders, hailing as the largest property auction by turnover, according to In2assets.

In 2023, the company sold 65 Telkom properties, including transmission stations and service hubs, totalling R584 million in turnover.

The mobile operator has been battling with a net debt pile of almost R17 billion as of its year to end March, while the operator is valued at about R13.5 billion on the JSE. It has, however, recently slowed the intensity of its capital expenditure and reported a 5 climb in normalised core profit for its 2024 year to over R10 billion.