PRINT AND MANUFACTURING
Finance chief’s resignation adds to Novus woes
News that Edrich Fivaz, the chief financial officer of commercial print and manufacturing group Novus, had resigned added to investor jitters on Tuesday and pushed the share price down 7.16% to close at R4.41. This is the lowest the share has traded since the company’s listing in 2015. The unexpected resignation comes just three weeks before the end-March termination of a 17-year arrangement dealing with the printing of the newspapers and magazines belonging to Naspers’s media division Media24. Novus, which was previously wholly owned by Naspers, is expected to announce in coming weeks how much of the contract it has managed to retain. Ahead of that announcement indications are that Caxton and smaller independent printers have managed to secure large portions of Media24’s business. It is unclear whether Fivaz’s departure is related to the negotiations with Media24 but industry sources say it is likely top management in the group have been under considerable pressure in the past few ...
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