×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Iqbal Surve has swept together a collection of insolvent, unprofitable media-related assets and plans to list them on the JSE on Friday, following an initial placement priced at R39.62 a share. The placement price gives the new company, called Sagarmatha, a market capitalisation of R50bn, placing it second to Naspers in the media sector and substantially ahead of Caxton. Surve, through family trusts, will be the controlling shareholder of the new multibillion-rand listed entity. The unprofitable assets will form the basis of what Sagarmatha’s joint CEOs, Grant Fredericks and Gary Hadfield, describe as "Africa’s first multisided platform company, an Africa unicorn and a leader in digital innovation on the continent". Jim Rogers, a well-regarded international investor and member of Sagarmatha’s advisory board, has given an irrevocable undertaking to subscribe for between R100m and R150m worth of shares. Harold Doley, who was the US representative to the African Development Bank during...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.