Nail Disappointed By Icasa Ruling But Says It Is P
Opportunities
Share Code : NAI
ISIN Code : ZAE000033338
Share Code : NAN
ISIN Code : ZAE000033346
Saki Macozoma, chief executive of NAIL, said the empowerment media company
is disappointed by ICASA's refusal to allow it to control a third FM radio
licence.
The ICASA ruling stemmed from a deal between NAIL and Kagiso Media that
would have seen NAIL acquiring all of Kagiso's Media's interests. This
would have meant it acquiring a controlling interest in East Coast Radio in
addition to the controlling interests it already has in Jacaranda and KFM.
Existing regulations say if companies wish to own more than two FM radio
stations ICASA has to grant approval.
"I am disappointed by the ruling," said Macozoma "We are awaiting detailed
reasons why ICASA had turned down the application. Once we receive the
reasoning we will study it and then consider what options are open to us,"
he said.
However Macozoma said NAIL remained in an extremely strong financial
position and is well placed to take advantage of other opportunities when
they arise. "NAIL has more than R1-billion in cash and near cash and we are
actively pursuing several media and non-media opportunities in South Africa
and elsewhere in Africa," he said.
Ends.
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