KAGISO TISO STAKE SOLD
Tiso Blackstar banks R1.5bn and starts hunt for acquisitions
CEO Andrew Bonamour says the company’s substantial cash pile after the sale of the Kagiso Tiso stake will be mobilised for big acquisitions
Media conglomerate Tiso Blackstar Group will be on the lookout for a sizeable acquisition after banking the R1.5bn proceeds from the sale of its 22.9% stake in empowerment investment company Kagiso Tiso Holdings. The Kagiso Tiso transaction is expected to be finalised at the end of May and Tiso Blackstar has already committed to paying a special dividend of R40m. At an investor presentation on Wednesday, CEO Andrew Bonamour said the company’s substantial cash pile after the sale of the stake (and subsequent reduction of debt) would be mobilised for acquisitions. In recent years, Tiso Blackstar has diversified from its core holdings in Times Media Group, which publishes Business Day and owns BusinessLIVE, and retail solutions specialist Hirt & Carter to incorporate fast-growing broadcast and television operations in Africa. Bonamour stressed that Tiso Blackstar was driven by returns on investment and any acquisition would need to be earnings enhancing. Responding to a question from I...
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