Tiso Blackstar Group, the owner of Business Day, is focused on offloading noncore assets so that it can reduce debt and invest in its media business, says CEO Andrew Bonamour. The group considers its stakes in investment holding company Kagiso Tiso Holdings (KTH) and steel firms Robor and CSI as noncore. These divisions weighed on what was otherwise "a good performance from the core results", Blackstar said in its interim results on Tuesday. Group revenue in the six months to December were flat at R4.5bn, while headline earnings per share rose 570%. The group wanted to deconsolidate noncore assets by the end of June, Bonamour said. It would do this by reducing its stakes, selling the units entirely or accounting for them as non-current assets held for sale. Blackstar will sell 3.6% of KTH’s shares back to the investment holding company for R198m and plans to sell its remaining 20% stake after an earlier agreement fell through because of adverse market conditions. Blackstar suspende...
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