South African telecoms group Telkom will not consider the sale of the group or any of its units or joint ventures without a strategic rationale, it said on Monday.
Telkom said in a statement it had turned down an approach from Dubai-based Oger Telecom as it was not in the interest of shareholders.
Telkom's shares had fallen 5.1% to 146 rand by 0945 GMT. "The news that they've rejected Oger's approach is bringing them down," a Johannesburg based trader said.
The company's board also decided to substantially reduce its investment in Telkom Media and invest in a fixed wireless voice and data network and a mobile data network.
Talks between Telkom and South African mobile phone operator MTN over the sale of Telkom's fixed-line business were called off in November, also ending Telkom's hopes of selling its Vodacom stake to joint owner Vodafone.
Telkom said talks to sell part of its mobile phone assets to Britain-based Vodafone, the world's largest mobile phone company by revenue, had hinged on a successful deal to sell all or some of its fixed-line assets to mobile phone compatriot MTN. (Reuters)
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