Telkom Group CEO Sipho Maseko

Telkom is looking at ways to generate more value from its mobile tower business, including a potential sale or spin-off.

South Africa’s former landline monopoly is “actively exploring” tower deals, CEO Sipho Maseko said after the company reported full-year earnings on Monday.

Telkom shares declined 3.4% to R26.58 as of 10.09am in Johannesburg, extending a 12-month slump to 73%

The company suspended dividend payments for three years and scrapped all medium-term targets, while about 2 300 employees have accepted voluntary redundancy packages.

Demand for towers in South Africa may be on the rise as the country starts to build out 5G capabilities, Maseko said.

Telkom shares declined 3.4% to R26.58 as of 10.09am in Johannesburg, extending a 12-month slump to 73%.