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Macozoma bids for Nail
Saki Macozoma's Safiko Holdings is part of a consortium of four companies which put in a last-minute bid on Thursday for media group New Africa Investments (Nail).
The other companies in the R9-a-share bid are Investec Bank, Tiso Private Equity Fund and the Mineworkers' Investment Company (MIC). If the bid is succesful Investec would own 45% of Nail and Safika 25%. Management and minority shareholders would hold 5% while the remainer would be shared by MIC and Tiso.
Concerns have been raised that there could be conflicting interests in the bid by Safiko - Macozoma is the CEO of Nail and holds a controlling stake in Safiko. However, Nail has been quick to assure that good governance will be adhered to in reviewing all bids. In addition, Macozoma has recused himself from the board's discussions on the bids.
