Sapa news agency to close down

Sapa says that its board of directors have taken the decision to wind up the news agency, as a non-profit company must now be implemented.

Nkonki Incorporated, an independent firm of auditors and financial advisors, has been appointed as its financial advisors to assist and guide Sapa through the wind up process.

Three suitable parties – namely Gallo Images, KMM Review Publishers and Sekunjalo Investments Holdings – had expressed their interest to buy Sapa.

In the period since September however, the parties had each presented their proposals for the establishment of a commercially based content generating and syndication service business and at a meeting last week, provided updates on their original proposals.

Nkonki is evaluating these proposals.

The board, through Nkonki, has now entered a process of calling for bids for the assets of Sapa.

The news agency’s Chair, Minette Ferreira emphasised “that Sapa as a special category non-profit company could not be sold off”.

“After the disposal of the assets the company will be liquidated and its operations will cease on March 31, 2015,” said Ferreira.

Ferreira said “that the Board meeting also underlined its commitment to ensuring the interests of all Sapa employees were correctly and meticulously attended to, as well as seeking where possible to maximise opportunities for these staffers, either with whatever new company was established, or if possible, elsewhere within the media industry”.

“In addition, current subscribers would in due course be briefed on the plans and would be approached directly by the operators of the new syndication business,” Ferreira said.

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Sapa news agency to close down