NONCORE EXIT PLAN
Tiso Blackstar sells stake in Kagiso Tiso to focus on media
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 Ken...
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