JOHNNIES Industrial Corporation (Johnnic) said Monday it has disposed of its 8,1% stake in Adcock Ingram valued at R340-million as part of its debt retirement programme begun in January this year. The sale, which brings the company’s debt under R1-billion, is part of a process of disposing of non-core assets to refocus the company into a broad-based media and communications group. “The company’s debt is now at an eminently manageable level in terms of our balance sheet profile. Discussions currently underway with regard to other disposals will improve the position even further”, said Johnnic CEO Vaughan Bray.