The Sekunjalo Independent Media consortium, which holds 75% of South Africa’s large media group Independent News & Media, is made up of unions, various groups representing civil society, and some prominent black personalities including Mandla Mandela, Tim Modise and Groovin Nchabeleng.
This was revealed late on Thursday night, by Sekunjalo chairperson Dr Iqbal Surve amid much speculation around the shareholding of the prominent media company, which owns brands like the Star, the Sunday Independent and the Cape Times.
A mystery still remains in the form of an unnamed Chinese consortium which is providing some of the funding. This consortium may end up with an additional 20%, Surve said on Thursday, to provide funds needed for the group's development.
Making up 63% of the shareholding are: Sekunjalo Investment Holdings; the Cosatu investment company Kopano Ke Matlaka represented by Collins Matjila, SACTWU Investments Group, the Food & Allied Workers Union, represented by Basebenzi Investments and Katishi Masemola, and a special purpose vehicle which will have a 10% stake reserved for employees of the company.
The remaining 37% will be made up of “a number of broad-based value adding partners including the Black Business Chamber [Western Cape], represented by Mntuwekhaya Cishe and Sizwe Seun Ngqame, various independent South African Women's business community organisations spread throughout the country, represented by Lindiwe Barbara Ngcobo, and Manemele Maria; [and] Sekunjalo Digital Media [Proprietary] Limited”.
Mandela grandson has shares
​Mandla Mandela has a share of these shares, representative of the Mvezo Development Trust, alongside the Umkhonto Wesizwe Military Association, Western Cape Development Trust, and Tim Modise and Groovin Nchabeleng from Blue Print Group.
Funding was also explained, with Dr Surve saying money would come from the Sekunjalo Consortium, banks – including a firm commitment from an international bank, believed to be City Bank – the trade union investment companies, and the Government Employment Pension Plan via the Public Investment Corporation (PIC) and an unnamed Chinese Consortium.
Following Monday’s very strong support given by the shareholders of Independent News & Media at their EGM to the disposal of its South African operation, The Sekunjalo Independent Media consortium, in line with its undertaking to do so, today (Thursday June 20) named the other members of the group that are acquiring the South African operation of Irish-based Independent News & Media PLC.
In February this year, Irish parent-based company Independent News and Media signed a heads of agreement with Sekunjalo for the sale of INM South Africa (INMSA) for a consideration of R2-billion.