/ 28 January 2003

Johncom weighs its options

Media, telecoms and entertainment group Johnnic Communications (Johncom) (JCM) disclosed on Monday it has appointed advisers to advise it on the implications of the possible disposal by Johnnic Holdings (JNC) of its 62,5% stake in the company.

But the group confirmed at the same time that it was not currently considering the disposal of any of its underlying business units — “media or otherwise”.

The group was responding to recent media speculation concerning the potential sale by Johnnic Holdings of its shareholding in Johncom.

Johnnic confirmed on January 13 that it was investigating various options with regard to all its assets, including its stake in Johncom. It said the options included, but were not limited to the possible disposal of its stake in Johncom, which the latter referred to Monday as the “Johnnic process”.

Responding to the speculation surrounding the potential sale, Johncom said in a statement on Monday: “Johncom has appointed advisers to advise it on the implications of the Johnnic process and any transactions that may arise therefrom. The board of directors of Johncom confirms it is not currently considering the disposal of any of the underlying business units of Johncom, media or otherwise.

“Johncom will continue to operate and manage its underlying businesses in the normal course whilst the Johnnic process unfolds and reiterates its commitment to its shareholders, business partners, customers and staff, and to black economic empowerment.” – I-Net Bridge