Johncom to sell M-Net, SuperSport stake?

27 October, 2006 at 2:41 pm | Posted in Companies | Leave a comment

Johncom could sell its stake in pay channels M-Net and Supersport, according to a statement issued by the company today.

In a SENS announcement, Johncom said, “Shareholders are advised that Johncom has received an offer for the disposal of its shareholding in M-Net and Supersport and which the board is currently reviewing. A resultant transaction, which would be, amongst others, subject to shareholder approval, may have an impact on the price at which Johncom’s ordinary shares trade on the JSE Limited. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement is made.”

The price moves up around 3% on the news to R69.50. This is a substantial part of the business and could see a large cash inflow into the company.

Talk is that media conglomerate Naspers could be bidding for the holdings.

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