{"id":237311,"date":"2018-04-12T07:50:30","date_gmt":"2018-04-12T05:50:30","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=237311"},"modified":"2018-04-12T08:03:52","modified_gmt":"2018-04-12T06:03:52","slug":"surves-sagarmatha-stopped-from-listing-on-jse","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/technology\/237311\/surves-sagarmatha-stopped-from-listing-on-jse\/","title":{"rendered":"Surve&#8217;s Sagarmatha stopped from listing on JSE"},"content":{"rendered":"<p>Sagarmatha Technologies, a media company comprising of a number of subsidiaries including Loot and the Independent Online, will no longer <strong><a href=\"https:\/\/businesstech.co.za\/news\/technology\/235395\/iol-and-loot-owner-eyes-r7-5-billion-jse-listing\/\" target=\"_blank\" rel=\"noopener\">list<\/a> <\/strong>on the Johannesburg Stock Exchange on 13 April.<\/p>\n<p>In a statement released on Wednesday (11 April), the company said that it had received a notification from the JSE withdrawing the group&#8217;s listing approval.<\/p>\n<p>The reason cited by the JSE was non-compliance with Section 33 of the Company\u2019s Act, which requires the submission of financial statements to the Companies and Intellectual Property Commission (CIPC).<\/p>\n<p>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.<\/p>\n<p>&#8220;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,&#8221; the company said.<\/p>\n<p>&#8220;This was further fanned by a large-scale disinformation campaign driven mostly by competitor media houses against Independent Media \u2013 a company that would have been under the Sagarmatha Technologies umbrella.<\/p>\n<p>&#8220;It is apparent that there is a general lack of understanding around MSPs in South Africa.<\/p>\n<p>&#8220;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\u2019s largest company, Naspers, trades at a substantial discount as compared to the value of its investment of TenCent in China,&#8221; it said.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/technology\/235395\/iol-and-loot-owner-eyes-r7-5-billion-jse-listing\/\" target=\"_blank\" rel=\"noopener\">IOL and Loot owner eyes R7.5 billion JSE listing<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":10,"featured_media":31946,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9878],"tags":[26,12985],"class_list":["post-237311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-headline","tag-sagarmatha"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/237311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=237311"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/237311\/revisions"}],"predecessor-version":[{"id":237335,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/237311\/revisions\/237335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/31946"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=237311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=237311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=237311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}