Tiso Blackstar shareholders approve R1.05bn sale of media assets
Shareholders of Tiso Blackstar Group, the publisher of Business Day, the Sunday Times, Sowetan and other titles, have voted in favour of the sale of the group’s media assets to Lebashe Investment Group for R1.05bn.
During a general meeting in London, shareholders representing 86.22% of shares in issue voted in favour of the transaction, the group said in a statement.
The deal, first announced in June, will see the disposal of media, broadcasting and content assets in SA, Nigeria, Ghana and Kenya, as well as the SA radio assets.
The Competition Commission has recommended that the Competition Tribunal approve the transaction in October.
Tiso Blackstar said on Wednesday that it is confident the outstanding conditions for the transaction will be met, and that the deal is in its final stages.
The SA sale was expected to be successfully concluded in November, while it is anticipated that the SA radio sale will be completed in April 2020, following approval by the Independent Communications Authority of SA (Icasa), the statement read.
Tiso Blackstar’s share price was unchanged at R3.60 as of 1.52pm on Wednesday, having risen 10.7% since the disposal was first announced.