Naspers Limited Announces Exchange of Johncom Interest in M-Net and SuperSport.CAPE TOWN Cape Town or Capetown, city (1991 pop. 854,616), legislative capital of South Africa and capital of Western Cape, a port on the Atlantic Ocean. It was the capital of Cape Province before that province's subdivision in 1994. , South Africa -- Naspers Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NPSN NPSN NAS Processing System Network NPSN National Police Support Network Inc. ) (JSE JSE See: Johannesburg Stock Exchange : NPN (1) See new public network. (2) (Negative Positive Negative) See PN junction. ): Johncom announced today that it has disposed of its 38% interest in M-Net and SuperSport to Naspers for 20.8 million new Naspers N ordinary shares plus R250 million in cash. Mashudo Ramano, chairperson of Johncom, stated: "After full consideration we as a Board believe this offer provides real value to Johncom shareholders. We will continue to focus on becoming an integrated media house as we deliver value to our shareholders. The group's media and entertainment assets provide an exciting platform for future growth." Steve Pacak, financial director of Naspers, said: "The pay television industry is presently undergoing significant change, with rapid technological developments. Severe competition is also coming with 18 applications having lodged to launch new pay television services in South Africa. This changing environment will increase costs and put pressure on cash flows. It therefore seems prudent to consolidate the interest in M-Net and SuperSport ahead of the storm. This interest will now be injected into MultiChoice South Africa, where a strong empowerment component is now being introduced. This is also important for the future of M-Net and SuperSport." The transaction is still subject to Johncom shareholder approval. |
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