Published 2 April 2019, by Sizwe Dlamini
PRETORIA – The purchase consideration of Independent News & Media South Africa (INMSA) was funded by a Chinese investor, investing R1 billion, the Public Investment Corporation (PIC) investing R850m and, Sekunjalo Consortium investing R150m.
This was said by INMSA chairperson Dr Iqbal Survé when testifying before the PIC Commission of Inquiry on Tuesday. He said the transaction included equity investment for all the investors.
Survé told the commission that five bidders were shortlisted by the advisors, Investec. But Sekunjalo Consortium was, however, the ultimate successful entity in 2013. “Its mission was to become Africa’s premium provider of quality content across all media platforms. Sekunjalo had retained Citi Bank to advise on the acquisition.”
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