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Sekunjalo chairman in bid to buy INM stake?

11 Jun 2012

Iqbal Survé, chairman of Sekunjalo Group, is believed to be interested in buying a stake in South Africa's Independent Newspapers.

He was believed to be en route to Dublin for meetings this weekend. Independent News & Media (INM), the parent company, is based in Ireland. A sale of the local newspaper group, which publishes The Star, looks inevitable as its holding company tries to reduce debt. Shanduka chairman Cyril Ramaphosa has also been named as a possible buyer.

The company is embarking on local cost-cutting measures of up to R100m.

The outcome of the AGM of INM in Ireland on Friday will have implications for South Africa.

Source: Business Times via I-Net Bridge

For more:

IOL: Indy News 'open to sale talks'... Apparently, shareholder activist Theo Botha says both the South African and Australian operations of Independent News and Media could be up for sale.

Source: I-Net Bridge

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