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Engineering News reports that the National Union of Metalworkers of SA (Numsa) says the planned buyout of telecommunications group Telkom by MTN should be rejected as the privatisation of the partially state-owned enterprise (SOE) will be detrimental to the working class and the economy.
Earlier in July, Telkom and MTN announced that they were in the early stages of discussions for a potential transaction that would see MTN acquire Telkom. “If these plans materialise, they must be rejected. Numsa condemns any plan to privatise Telkom. Telkom is a SOE and government, the shareholder, currently owns a 40.5% stake in it. We have consistently warned about the dangers of privatisation and the dire impact this would have on the working class and the economy,” the union indicated in a statement on Wednesday. Numsa, outlining five reasons for its stance, said that Telkom, as an SOE, had a developmental role to play in the SA economy. “Numsa will continue to drive campaigns to reject any further privatisation of Telkom and our remaining SOEs. Such a move will result in even more job losses and it will stifle economic growth even further,” the union said, while noting that Numsa would continue to drive an agenda for a job-led industrial policy within which the ICT sector must play a crucial part.
- Read the full original of the report in the above regard at Engineering News
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