CityPress - - Business & Tenders -

Do you think the PIC should be in­ves­ti­gated for mak­ing or in­tend­ing to make sus­pect in­vest­ments? SMS us on 35697 us­ing the key­word SURVE and tell us what you think. Please in­clude your name and prov­ince. SMSes cost R1.50 the past two years. It also lent R25 mil­lion to In­de­pen­dent. This seems to have been the ma­jor use of its cash from the Chi­nese in­vestors in ANA. Asked if Sa­gar­matha was pro­vid­ing Sekun­jalo with cash to carry the losses of In­de­pen­dent, Hen­der­son said it wasn’t.

The plan was to sell new shares for R7.5 bil­lion in a pri­vate place­ment this week and list on the JSE. Sa­gar­matha would then si­mul­ta­ne­ously buy the 55% of In­de­pen­dent that is cur­rently con­trolled by Sekun­jalo. This would have di­luted Sekun­jalo’s stake in Sa­gar­matha to 60%.

In­de­pen­dent Me­dia is one of South Africa’s largest me­dia com­pa­nies and the pub­lisher of pop­u­lar daily news­pa­pers such as The Star, the Pre­to­ria News and the Cape Times. It is also a fi­nan­cial mill­stone around its own­ers’ neck.

By De­cem­ber 2016, the com­pany had ac­cu­mu­lated losses of R617 mil­lion. De­spite be­ing in­sol­vent, the com­pany’s fi­nan­cial state­ments treat it as a “go­ing

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