Investment company Kagiso Tiso Holdings has offered to purchase the remaining shares in Kagiso Media, the company said on Tuesday. Kagiso Tiso currently owns 51,1 percent of Kagiso Media.
“Through this transaction, Kagiso Tiso is offering minority shareholders a cum dividend cash consideration of R28,50/share,” the company said in a statement.
Kagiso Media has stakes in broadcasting and new media businesses. East Coast Radio and Jacaranda FM are among its assets. The company also has controlling stakes in Urban Brew Studios and Gloo Digital Designs.
Kagiso Media shareholders would vote on the transaction at a special general meeting to be held within 60 days. The deal would be subject to regulatory approvals.
“Subsequent to attaining shareholder and regulatory approvals, Kagiso Tiso plans to delist Kagiso Media from the JSE. Kagiso Tiso regards the transaction as an opportunity to align the Kagiso Media strategy with that of Kagiso Tiso.”
Kagiso Tiso has stakes in Exxaro, MMI Holdings, Actom and in Kagiso Asset Management, among others. — Sapa
