Telkom denies reports of retrenchment

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Telkom Group Limited has denied reports that it plans to retrench over 9,000 employees in a bid to shave down its spending.

“Telkom dismisses the speculation that it intends to retrench 9,500 employees. The company is not targeting specific numbers of individuals,” Telkom told CNBC Africa.

“The aim is reduce the number of management layers and achieve an employee cost to revenue ratio of 25 per cent over the next five years.”

[DATA TKG:Telkom] is a telecommunications provider headquartered in South Africa, with operations in over 30 countries in Africa including Kenya and Nigeria.

Earlier this year, news of Telkom potentially retrenching 1,000 workers surfaced, including cutting its workforce by almost a third over five years. 

(READ MORE: Consultation crucial over potential Telkom retrenchments)

The company has however shown a positive signs of recovery, particularly through its acquisition of the enterprise business of technology firm Business Connexion.