Shares in media and entertainment group Johnnic Communications jumped more than 11% to an all- time high on the JSE on Friday after news that the group had received an offer to dispose of its stake in M-Net and Supersport which it was
reviewing.
The prospective buyer was not named but there has been speculation in the marketplace for some time that media giant Naspers — majority owner of M-Net and Supersport — might be interested in purchasing Johncom’s 38,56% stake in the lucrative pay-television business.
The news saw Johncom’s share price soar 11,11% or R7,50 to a record high of R75 per share.
Naspers’ share price has also been on the rise in recent weeks. At 1.55pm, Naspers’ shares were up 1,56% or R2 at R130 per share. – I-Net Bridge