Surve’s Sagarmatha stopped from listing on JSE
Sagarmatha Technologies, a media company comprising of a number of subsidiaries including Loot and the Independent Online, will no longer list on the Johannesburg Stock Exchange on 13 April.
In a statement released on Wednesday (11 April), the company said that it had received a notification from the JSE withdrawing the group’s listing approval.
The reason cited by the JSE was non-compliance with Section 33 of the Company’s Act, which requires the submission of financial statements to the Companies and Intellectual Property Commission (CIPC).
The Sagarmatha Technologies board is now considering options that include: offers to purchase from international investors for its four largest businesses; and/or listing on the New York Stock Exchange (NYSE) and Hong Kong Exchange as primary; and/or a primary listing on the JSE and a secondary listing or, and/or a dual listing.
“This listing has been the most scrutinized in the history of South Africa, beginning with unprecedented interest in how Multi-Sided-Platform technology companies are valued,” the company said.
“This was further fanned by a large-scale disinformation campaign driven mostly by competitor media houses against Independent Media – a company that would have been under the Sagarmatha Technologies umbrella.
“It is apparent that there is a general lack of understanding around MSPs in South Africa.
“Aside from the comments Sagarmatha Technologies was subjected to when it first announced its listing intention, this lack of insight shows in how the JSE’s largest company, Naspers, trades at a substantial discount as compared to the value of its investment of TenCent in China,” it said.
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