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HCI TIPPED TO BID FOR JOHNCOM

14 Oct General

HOSKEN Consolidated Investments (HCI) may launch a bid for Johncom, the owner of the Sunday right Times – should the price be right.
Johncom’s share price shot to R102 this week on whispers that another suitor could be eyeing the media company.

On September 23 Business Times reported that presidential contenders Tokyo Sexwale and Cyril Ramaphosa had made an offer to buy a 25 stake in Johncom.

HCI has gaming media and financial service business interests including a 63% stake in e.tv and 51% of Johnnic, the former holding company of Johncom.

Johnny Copelyn, chief executive of HCI said on Friday: We’ve not made a decision whether we’ll express any interest. There may be 30 people who come out of the woodwork and we may be one of them we may not.

It depends what it looks like and what they want the role of a black empowerment company to be it would also depend on whether management would want to work with us.

In principle we re an acquisitive group and we re always open to looking at things.

We’re in the media business and they’re in the media business. It would be synergtic. I’d never say we’re disinterested but whether we lift a finger that’s something else” said Copelyn.

The Competition Tribunal sat this week to further consider a bid by Naspers for Johncom’s interests in M Net and SuperSport International Holdings.

The transaction if successful would result in Naspers acquiring all of the Issued share capital in MNet and SuperSport.

Source: Sunday Times, Business Times – Adele Shevel