Nail Outdoor to be sold as one unit - director
July 27, 2004
By Gugulakhe Masango
Johannesburg - Nail Outdoor, the billboard business owned by New Africa Investments Limited (Nail), which operates in South Africa and has joint ventures in four African countries, would be sold as a single unit and not piecemeal, Kenny Setzin, Nail`s executive director, said yesterday.
Nail Outdoor has joint ventures in the Democratic Republic of Congo (DRC), Nigeria, Ghana and Botswana.
Nail Nigeria, which is a joint venture between Nail Outdoor and Nigeria`s Optimum Exposures, delivered R569 000 revenue in the financial year to December from R155 000 in the previous year.
The Nail joint venture in the DRC with Dispramalt and S Lette delivered R4.7 million in sales, representing a 24 percent increase over the previous year.
Design Publicity Nail in Ghana produced R467 000 in revenue in the year and the joint venture with Babapsi Natanya Outdoor Botswana produced R66 000 from R17 000.
Nail is in talks to sell its stakes in radio station Kaya FM and in car rental business Hertz. Nail estimated Nail Outdoor, Hertz and Kaya FM to be worth R108 million.
The company has already disposed of Urban Brew, New Africa Books, New Africa Publications, Jacaranda 94.2fm, KFM 94.4fm and RadMark.
Nail put a `for sale` sign on its assets early last year after failing to buy Kagiso Media and Johnnic Communications.
Nail has also said that the relationship between its subsidiary New Africa Capital and BoE, which was bought by Nedcor in 2002, had been terminated.
The companies were involved in the management of African Bank. This responsibility would be conducted through a company called Unique Finance.
Nail shares were untraded at R1.40 yesterday. The media and entertainment sector rose 0.99 percent.
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