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Senior Business Correspondent
FOLLOWING the departure of New Africa Investments Limited (Nail) CEO Saki Macozoma and the disposal of its assets, Nail would be relaunched and probably delisted, Nail executive director Kenny Setzin says.
Macozoma, who stepped down last month after serving three years as Nail`s CEO, had last year taken a decision to dispose of Nail`s assets after struggling to find growth opportunities in the media industry.
Yesterday Macozoma, deputy chairman of Safika Holdings, emerged as a member of a consortium that will buy a stake in both Standard Bank Group and life group Liberty .
After Macozoma departure executive directors Setzin and Nail`s group financial director Raymond Kevan took up the dayto-day running of the company.
Setzin said yesterday it was not necessary to appoint another CEO as the company was winding up and selling assets.
The company still has to sell a number of assets, and is in negotiations about the sale of Hertz Car Rental, Nail Outdoor and radio station Kaya FM.
Setzin said Nail had not decided whether to delist from the JSE Securities Exchange SA or not.
He said the company may move its listing to another sector of the JSE board . `A proposal for the way forward for the company after winding down is before the board,` said Setzin.
He said that further details on the future direction of the company would be released once all disposals had been effected.
`We will seek to maximise returns for our shareholders through the disposals,` he said.
Setzin said although the company would be relaunched, the name Nail would be retained.
According to the 2003 annual report , Macozoma earned a total of R2,397m in annual salary and bonus for the year.
Jul 16 2004 07:35:06:000AM Patrick Wadula Business Day 1st Edition
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