Tokyo Sexwale will buy Johncom stake

Business tycoon Tokyo Sexwale’s Mvelaphanda Group will buy up to 30 percent of Johnnic Communication’s media unit in a R1.4-billion deal, a Sens announcement said on Tuesday.

“Mvela Group is pleased to announce it has concluded an agreement with Allan Gray to acquire a minimum of 25.1 percent and a maximum of 30 percent interest in Opco when it’s unbundled from Johncom and independently listed on the main board of the JSE Limited,” said the Sens statement.

Mvelaphanda Group will buy the stake for R1.4-billion cash and will pay an extra amount if the company’s net cash holdings are more than R50-million. It will pay less if the cash holdings are less than R50-million. That will be determined once Opco is listed.

Johncom announced in April that it would unbundle its media and entertainment assets into a new company called Opco. It will be listed on the JSE once Johncom’s interests in M-Net and SuperSport are disposed of.

Earlier this week, Johncom said that it had ended talks with black economic empowerment groups because the intended deal failed to get 75 percent support from shareholders.

Sexwale’s group has expressed interest in acquiring media assets and bought a stake in the parent company of Maverick magazine in March this year.

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Fienie Grobler
Guest Author
Matebello Motloung
Guest Author

Related stories

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Advertising

Latest stories

One Movie, Two Takes: Hustle

You don’t have to be a basketball fan to enjoy this new Netflix sports drama

WATCH LIVE: 200 Young South Africans 2022

M&G will showcase SA’s most versatile, innovative young professionals to inspire, ignite and prepare upcoming youth for a new world

Banning abortion criminalises femininity as it does race and poverty

Unpacking the reversal of Roe v Wade and the ruling in Dobbs v Jackson reveals a pushback against gains made by women

Flying the flag for the youth

Emmy-nominated actress Thuso Mbedu credits inclusivity, equality, and sustainability to getting her career to where it is today. As a Mail & Guardian Top 200 Young South African, the actress encourages the youth to collaborate for a better future
Advertising

press releases

Loading latest Press Releases…
×