Caxton increases share stake in Times Media Group
According to the report in the Business Day on Tuesday, Caxton now has a 10.44% stake in the Times Media Group, the owner of Sunday Times and half of Business Day.
Business Day reported that Caxton was one of the largest shareholders in the media group with its holding valued at about R170-million after the Public Investment Corporation (PIC), Coronation and UHC.
The Times Media Group, formerly known as Avusa and Johnnic Communications and founded by Human Settlements Minister Tokyo Sexwale, still has shares in financial online company Moneyweb.
The sale comes after Mvelaphanda Holdings recently decided to invest in companies in which it had substantial control, according to the report.
Caxton's purchase came two weeks after Coronation increased its stake in Times Media Group from an estimated 11% to 15.5%, the newspaper reported.
On Monday, Coronation, the PIC and Kagiso Asset Management said they were not selling their shares in the group. – Sapa.