Outdoor Network is a major national player in the outdoor advertising arena, and has substantial business footprints in six other African countries, including the Democratic Republic of the Congo. The company's activities are extensive, and include fixed and mobile billboards, in-store and street furniture, and promotional signage.
Sandile Zungu, chairman of Zico, says that the acquisition was part of the strategic plan to become an influential owner and manager of media businesses. According to Zungu, Outdoor Network will be a cornerstone in achieving this objective and will also give Zico a positive platform to expand into the African continent.
"Outdoor Network is a fantastic, cash-generative business with great potential for growth. The upswing in outdoor media is evident and through Outdoor Network, we now believe we can add value to South Africa's drive to communicate effectively to her people including the country's hopes for a successful and colourful 2010 World Cup," explains Zungu.
Zico is a privately owned investment holding company with interests in a wide range of industries and sectors, including logistics, healthcare, financial services, human capital, mining, cleaning and cash management. Zico recently acquired a 33.3% shareholding interest in Izimpondo Communications, which publishes Umafrika, a Zulu-medium weekly newspaper.
Outdoor Networks' head office is located in Durban, with various regional offices in major South African centres.
