Telkom is a distant third-place mobile operator, nothing more. Regardless of the size of the subscriber base, the required network spend is not going to decline from here. If anything, with 5G, the capex demand is going to be greater. It has an enviable fibre footprint and that's about it. Selling off half of this prized asset to keep everything else going (read: limping along) for another few years is not 'unlocking value'. Read: Telkom shares surge on confirmation bid received It hasn't paid dividends for three years, so government can't even lean on that rationale. Selling off assets to pay dividends is not a sound strategy. Thank goodness government's golden share – which gave it control, and which meant it meddled in operations – has expired. But its 40.5% direct holding together with the PIC's 15% means it still holds a majority vote. It needs to get out of the way completely.