TALK TO US
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