Multichoice Africa Group will list in the “broadcasting and entertainment” sector on the main board of the JSE on 27 February 2019, the pay-TV operator said in a statement after markets closed in Johannesburg on Monday.
The listing comes after parent Naspers announced last year that it will unbundle MultiChoice to shareholders — fully divesting itself of its investment in the process — and list the company on the JSE under the share code MCG. MultiChoice owns brands such as DStv, M-Net, SuperSport and Showmax.
In an abridged pre-listing statement published on Monday, MultiChoice said Naspers will distribute 438.8 million shares in the broadcaster to shareholders recorded in Naspers’s securities register on Friday, 1 March.
Shareholders will receive one share for every one Naspers “N” share held and one share for every five Naspers “A” shares held.
A “finalisation announcement will likely be published on 19 February, with the last day to trade in Naspers shares to participate in the unbundling being 26 February.
According to the pre-listing statement, MultiChoice Africa Group generated over R47-billion in revenue in the year ended 31 March 2018. Trading profit was over R6-billion, with core headline earnings of over R1-billion. It grew its subscription base to 13.5 million from 10.4 million in the 2017 financial year. — © 2019 NewsCentral Media
