Independent confirms possible sale: report

Independent News and Media (INM) has confirmed the sale of the company’s South African operations was being investigated, according to Thursday’s (12 July) Business Report.

INM confirmed on Wednesday evening that Investec and Hawpoint had been appointed to investigate the possible sale.

The sale was being considered as an option for the heavily-indebted INM.

Other options included a rights issue and a debt-for-equity swap, but controlling shareholder Denis O’Brien was unlikely to back either option since it would dilute his 29.9 percent holdings.

The Financial Times reported that advisers were appointed by INM to work towards a sale, with INM South Africa valued at UK250 million, or R2.5 billion.

Newspapers owned by the group include The Star, Cape Times, and Sunday Independent.
Cyril Ramaphosa’s Shanduka Group and Iqbal Survé’s Sekunjalo Investments were likely buyers of the titles, the Financial Times reported.

According to Business Report the Gupta family, which owns The New Age newspaper, had also expressed an interest in purchasing INM South Africa.

INM South Africa managing director Tony Howard referred queries to INM as he was not in a position to comment.

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Independent confirms possible sale: report