News broke on Wednesday evening that telecoms giant Telkom has written letters to unions that it may have to retrench thousands of staff.
A potential section 189 process could see 3,000 employees affected by restructuring, which is about 20% of Telkom’s 15,000-strong workforce.
The job cuts will primarily be around its Openserve business after Telkom announced last year it would decommission its copper network in favour of fibre. Its consumer business and wholesale division will be affected.
Telkom’s shares have slumped from a major high of more than R100 last year. The price plunged to just R29.42 per share before recovering somewhat this week. The price is now at around R35.
(Compiled by Charles Cilliers)
For more news your way, download The Citizen’s app for iOS and Android.