Investment and media group Tiso Blackstar has disposed of its 22.9%
stake in Kagiso Tiso Holdings (KTH) to Kagiso Capital for R1.5bn, as
part of its strategy to exit noncore assets and focus on media
businesses.
Tiso Blackstar still has other noncore businesses that it plans to sell in future.
The KTH investment came after a tie-up between Blackstar and Tiso Investment Holdings nearly two years ago.
Tiso Blackstar’s intention is to become a single-sector investment
holding company, with a focus on media and related industries. Its media
assets include newspapers, magazines as well as radio stations in SA,
Kenya and Ghana.
Tiso Blackstar will use part of the proceeds to repay its R413m debt.
The remaining funds will be reinvested into media-focused investments.
“With this deal we delivered on our stated strategy to sell noncore
assets and companies,” said Tiso Blackstar’s CEO Andrew Bonamour.
The group had strong core businesses with good cash flow in SA and
good growth assets in Kenya, Ghana and “a beachhead” in Lagos, Nigeria.
“We have good partners in these respective operations. We are not
looking to invest more here. We covered both West and East Africa.
Ideally in these markets we would look at consolidation opportunities,”
he said.
The group was looking at technology, media and telecommunications
opportunities internationally. KTH has investments in sectors such as
health, media and financial services.
Kagiso Capital CEO Kgotso Schoeman said the deal — which would give it just
more than 60% — meant Kagiso would become a strategic investor in KTH.
more than 60% — meant Kagiso would become a strategic investor in KTH.
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