New Africa Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1993/002467/06
("NAIL")
Ordinary Shares
Alpha code : NAI
ISIN number : ZAE 000033338
N Ordinary Shares
Alpha code : NAN
ISIN number : ZAE 000033346
NAIL's Macozoma responds to Kagiso withdrawal from deal
Saki Macozoma, chief executive of NAIL, said today he understood and
respected the decision by Kagiso Media Limited (Kagiso Media) not to pursue
the sale of its assets to NAIL.
Macozoma said the decision by ICASA not to grant NAIL permission to own a
third FM radio licence had effectively scuppered the Kagiso deal. "ICASA's
decision placed NAIL and Kagiso in a difficult position," he said. "We had
hoped that we could find a formula that would allow the deal to be
resuscitated but in the present regulatory environment this remains
uncertain. Under these circumstances I fully understand why Kagiso has
withdrawn. It is unfortunate for black economic empowerment that ICASA took
the stand it did because it blocked a deal that was positive for
empowerment."
Macozoma said his company looks forward to a continued good relationship
with Kagiso Media in those assets in which they are joint shareholders."
(Jacaranda Radio and advertising sales organisation RadMark).
Macozoma said that NAIL is continuing to seek economically attractive
acquisitions in the area of media. "We are examining a number of deals, one
of which, albeit a modest one, is very close to finality and should be
announced within the next few days," he said.
Macozoma also indicated NAIL would also look at non-media ventures. "I have
said before that the present regulatory environment makes expansion in field
of media problematic. NAIL has considerable available cash resources and if
a suitable opportunity occurs that will assure shareholders of a good return
on their investment, we will consider it very seriously."
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