Johnnic Holdings announced on Thursday it had abandoned plans to sell off its media and entertainment arm, Johnnic Communications (Johncom).
”… following work undertaken by its corporate advisers, a transaction involving a possible disposal of Johnnic’s shareholding in Johncom is not currently feasible,” Johnnic said in a statement.
The Johnnic board would, however, continue to look at ”ways of unlocking shareholder value”.
Earlier this year, Johnnic indicated it was considering disposing of Johncom and a number of potential buyers emerged when the reports of the possible sale first hit the market.
Johncom is the owner of such assets as the Nu-Metro cinemas, the Sunday Times newspaper, a 50% share in Business Day and the Financial Mail and 35% of publishing group Caxton. – Sapa