Dear All Please find a press release attached about the sale of 49% of shares in Radio Africa Limited to Times Media Group of South Africa. It is for immediate release. William Pike Director Radio Africa Times Media Group acquires 49 pct stake in Radio Africa Limited Times Media Group of South Africa has bought a 49 percent stake in Radio Africa Limited. “This can only be good news for everyone concerned,” said RAL Group Managing Director Patrick Quarcoo. “It will be good for the company, for the staff and for the shareholders. In our view it is a win-win-win deal,” said Quarcoo. “No staff or managers will be laid off as a result of the deal. We will continue to run the business as before. The only difference will be that we will be much stronger financially,” said Quarcoo. TMG has acquired a minority stake of 49 percent in Radio Africa for $18.62 million ( Ksh1.58 billion). A substantial portion of the funds will be used to recapitalise the company so that it is debt free. A further portion of the funds will be retained to finance new investments. The deal between Radio Africa and TMG is intended to act as a springboard to develop a powerful regional media business – harnessing RALs acknowledged expertise in electronic media and TMGs strength as the largest newspaper publisher in South Africa. Radio Africas radio stations include Kiss FM, Classic FM, Radio Jambo ( now the second biggest station in Kenya), East FM and XFM. It also owns KissTV and a majority shareholding in the Star newspaper. Radio Africa is planning to aggressively move into the digital TV media space. Times Media Group owns multiple newspaper titles including the Sunday Times (South Africas largest newspaper), the Times, Business Day, and the Sowetan. It has recently started acquiring radio stations in South Africa. Last year TMG acquired a TV network and five radio stations in Ghana. The shares of Times Media Group have gained 37 percent this year, compared with a 3.7 percent rise in the FTSE/JSE Africa All Share Index.
Posted on: Sun, 13 Apr 2014 11:11:57 +0000
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