New Africa Investments Limited - Announcement To New Africa Investments Limited
Release Date: 24/02/2004 12:39:59 Code(s): NAI
NEW AFRICA INVESTMENTS LIMITED - ANNOUNCEMENT TO NEW AFRICA INVESTMENTS LIMITED
SHAREHOLDERS
NEW AFRICA INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/002467/06)
Share code: NAI and NAN
ISIN: ZAE000033338 and ZAE0000033346
("NAIL" or "the company
ANNOUNCEMENT TO NEW AFRICA INVESTMENTS LIMITED SHAREHOLDERS
New Africa Investments Limited (Nail) and Johnnic Communications Limited
(Johncom) today announced the conclusion of an agreement in terms of which
Johncom will acquire Nail"s shares in New Africa Publications (NAP), owner of
the Sowetan and 50% of the Sunday World. Johncom already owns the other 50% of
Sunday World.
This transaction is still subject to the approval of the Competition
Authorities, which will be immediately sought, and until such approval has been
obtained, Nail will remain responsible for the management of NAP.
Nail Chief Executive Saki Macozoma said today that Nail"s determination that the
black empowerment credentials of the two newspapers be protected in any
transaction had been achieved by the sale to Johncom.
"We are confident that Johncom, as a black empowerment company itself, and
already a partner in Sunday World, will protect and extend the proud record of
these publications."
Johncom"s many decades of experience as a major publisher also confirmed it was
commercially a safe pair of hands for the titles, said Macozoma.
Johncom CEO Connie Molusi said the acquisition of the titles was in line with
Johncom"s published strategy of growing its media assets.
"We have long said that our goal is a seven-day publishing operation, and the
acquisition of the Sowetan achieves this. As soon as the agreement is approved,
we will start the process of implementing the efficiencies that arise from
publishing major titles every day of the week."
Johncom was proud to be taking on the titles, which had a proud history and
legacy, and was convinced they would prosper within Johncom," said Molusi.
The Sowetan and Sunday World join Johncom"s existing stable of major newspaper
titles, including the Sunday Times, 50% of Business Day and the Financial Mail,
the Daily Dispatch in East London and the Herald in Port Elizabeth.
For more information please contact:
Nail CEO Saki Macozoma: Tel: 011-463-1744, email smacozoma@nail.co.za.
Johncom CEO Connie Molusi, tel 011-280-5001, mobile 083-257-0110, email
molusic@johncom.co.za.
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