- June 29, 2000
- Posted by: admin
- Category: Media & Broadcasting
MIDI TV – which manages e-TV, was expected to incur substantial losses for the next two years, HOSKEN CONSOLIDATED INVESTMENTS, which controls the free-to-air broadcaster, said this week.
HCI’s directors, reporting that the HCI group had recorded losses of R2.4m (R5.3m) for the year ended March, said they remained “of the view that MIDI TV is an investment which will in time bring highly satisfactory returns.”
HCI’s investment in MIDI TV had been restructured due to the non-performance of 45% of the shareholders of the station. The IBA had sanctioned the transfer of the local shareholders’ interests in MIDI TV to a new vehicle, SABIDO INVESTMENTS, which now holds 88% of the equity share capital of the station.
Subsequent to the year-end, REMBRANDT invested R280m indirectly into MIDI TV for an effective 26% interest.