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Nafcoc buys 20% stake in Mobile TV

The National African Federated Chamber of Commerce and Industry (Nafcoc) has purchased a 20% stake in Mobile TV‚ the chamber said on Monday.

Mobile TV is the brainchild of Mothobi Mutloatse‚ its founder and chairman.

“This investment is likely to have a major impact on ownership‚ control and management demographics in SA‚” Mutloatse said.

“The Nafcoc investment is a major step‚ as it represents the first time an organised black business grouping has invested in cutting-edge technology in the media sector.”

Lawrence Mavundla‚ chairman of the newly created investment arm of Nafcoc‚ said the new technology that Mobile TV brought into the broadcast sector would deal with lack of access to information and entertainment in the rural and deep rural areas.

Mavundla will now become a board member on Mobile TV as a result of the stake Nafcoc has acquired in the business.

“The business opportunities are endless and the investment decision wasn’t a hard one to make‚” Mavundla said.

Mutloatse said that after 15 months of testing and a temporary licence to refine the technology‚ Mobile TV was ready for the next round‚ which included raising capital and applying for a permanent broadcast licence. - I-Net Bridge

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