Scramble for Johnnic assets hark back to African Harvest

Posted On Monday, 20 January 2003 10:01 Published by eProp Commercial Property News
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Scenes of a public tussle between key black empowerment groupings look set to be replayed when or if Johnnic decides to sell its media and entertainment assets housed in Johnnic Communications.


Property-Housing-ResidentialBlack business people are often seen standing together on political economy issues, making any public tussle between black business groups an interesting sight. The Johnnic Communications' scene looks set to be a repeat of a tussle seen during the struggle for African Harvest between Mzi Khumalo and a failed management buyout led by Mashudu Ramano.

This time around it could be heavyweight Saki Macozoma versus a black management buyout led by Johnnic Publishing CE Connie Molusi. He may have Mashudu Ramano the chairman of Johnnic Communications on his side.

Macozoma, CE of New Africa Investment Limited (Nail), was quoted at the weekend as confirming Nail's bid for Johnnic Communication's assets.

Macozoma has made known his intentions of building a big media house.

His expansive plans were scuppered by the Independent Communications Authority of SA when he made a R377m bid for Kagiso Media last year.

Macozoma's reported statements followed speculation that Molusi was investigating a management buyout of Johnnic Communications' assets.

Molusi was believed to be seeking black empowerment partners to strengthen the management-led bid. Observers say there is no shortage of black empowerment groupings to partner the bid for Johnnic Communications assets. Assets at stake include 100% of Sunday Times, 50% of Business Day and Financial Mail, Nu Metro and Gallo. Observers said competition would benefit many Johnnic black shareholders who were desperate for cash.

Johnnic's share price closed unchanged at R15,30c on the JSE Securities Exchange SA on Friday, which placed the group's market value at just more than R1,5bn. Observers say Macozoma's strong connections with Luthuli House (African National Congress headquarters) will ensure he comes first in the prospective bidding for Johnnic's assets.

Last modified on Monday, 05 May 2014 11:11

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