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Times Media Group disposes of stake in MAPIT

10 Jun 2013

Times Media Group (TMG)‚ through its wholly-owned subsidiary New Holland Publishing (South Africa) Proprietary Limited (NHP)‚ has entered into an agreement in terms of which it will dispose of its 51% shareholding in MAP Integration Technologies Proprietary Limited (MAPIT) to TomTom Africa Proprietary Limited for R37.5m.

The disposal forms part of TMG's turnaround strategy‚ which includes exiting non-core businesses. MAPIT provides navigation data and related navigational mapping services to navigation device suppliers in the South African market and as such MAPIT is not aligned to TMG's core businesses‚ being media and retail solutions.

"The proceeds of the disposal will be used to reduce acquisition leverage with respect to future acquisitions more aligned to TMG's core business‚" the group said.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

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