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Oct. 16 (Bloomberg) -- Telkom South Africa Ltd. and KT Corp. are drawing up contracts to complete a 4.6 billion-rand ($587 million) deal that would give the South Korean company a 20 percent stake in Africa’s biggest fixed-line phone company, Business Times said, citing Jim Myers, president of the American Chamber of Commerce.
Myers, a former Telkom executive, said there’s nothing in Telkom’s operations that would prevent KT from buying the stake, the Johannesburg-based newspaper reported. The transaction would give Telkom access to capital and KT’s telecommunications expertise, Business Times quoted Myers as saying.
--Editors: David McQuaid, James Kraus
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