Never in their faintest imagination did Welkom Yizani shareholders imagine the benevolence that Naspers has demonstrated!
Naspers Board of Directors has given the shareholders a pleasant surprise by agreeing to waive off the preference share debt and accrued interest of R400m which Welkom Yizani owes. The waiver is subject to approval of the Welkom Yizani annual financial statements of the year ended 31 March 2016.
Professor Rachel Jafta, Chair of Welkom Yizani and Media24 could not conceal her excitement: “We are delighted to share news of this windfall with our shareholders. This is a significant concession by Naspers in a time when print media in South Africa, much like in the rest of the world, has been under pressure due to structural changes. This is a big boost for the scheme and means that Welkom Yizani will be debt-free.”
Media 24 ranks Welkom Yizani is the biggest black economic empowerment share offer in South Africa’s print media industry. Its shareholders own a 15% stake in print media company Media24 Holdings.
