S.Africa's Naspers says plans listing for Novus unit

by Reuters 6 views0

South African media and internet group Naspers said that it plans to list its Novus printing unit on the Johannesburg Stock Exchange.

This is set to happen in March.

Novus is a subsidiary of Media24, which in turn is part of Naspers’ sprawling stable. Novus operates 11 printing plants and a tissue facility in South Africa, Naspers said in a statement.

(READ MORE: Naspers focuses on fuelling organic growth)

 “With an ever growing percentage of Novus’s work now coming from third parties, and Novus’s continued diversification of its revenue streams, it is appropriate to list Novus on the JSE,” [DATA NPN:Naspers] said.

“The listing will be effected via a private placement of Novus shares held by Media24. Media24 will remain the majority shareholder of Novus,” it said.

(READ MORE: South Africa’s Naspers ties up with rivals to boost online offering)

Novus had revenues of 3.969 billion rand (340 million dollars) in the financial year ended March 31, 2014, and an operating profit 649 million rand.