Times Media prepares for JSE debut
Times Media Group is set to list on the main board of the JSE in the media sector on September 10 under the abbreviated name TIMESG and with the share code of TMG.
Monday will also see the suspension of the listing of Avusa ordinary shares on the local bourse. Times Media will house all of Avusa’s assets.
Avusa’s media brands include Sunday Times, The Times, The Sowetan, Sunday World, Daily Dispatch, The Herald, ELLE, Home Owner; and others.
The group also has BDFM under its stable, albeit in the form of a joint venture with UK publisher Pearson. Additional brands include Exclusive Books, and Nu Metro.
Last month Avusa shareholders approved its sale to Mvelaphanda Group through its wholly owned subsidiary, Times Media Group.
In mid-June, Mvelaphanda Group‚ which owns about 21% of Avusa‚ announced a cash and share offer to acquire all the shares in issue in the media and entertainment company that it did not already own, in a deal worth about R3-billion, or R24 per Avusa share.
Relates article:
Avusa shareholders approve takeover
Elan Lohmann leaving Avusa for Sleekgeek startup
Avusa buyout not supported by PIC
Avusa expect headline earnings 35%-45% lower
The Sunday Times’ bold online move
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