Times Media Group (TMG) has entered into a new agreement with a consortium led by Global Capital for the sale of Exclusive Books, the media group said yesterday.
Global Capital, represented by Benjamin Trisk and Mark Barnes, had replaced Medu Capital, which had previously been the lead partner in the acquisition of the bookstore chain.
“Except for this change the purchasing consortium remains unchanged,” TMG said.
The sale agreement would be replaced with a new contract.
The material terms and conditions published previously would remain the same, the company said.
TMG said in a statement on September 19 that it had sold its interests in Exclusive Books and Van Schaik bookstores for R435 million in cash to a consortium led by Medu Capital.
TMG is extricating itself from assets that are non-core to its business of producing and disseminating news via its print and television platforms.
TMG shares fell 1.23 percent in very thin trade to close at R20 on the JSE yesterday. – Asha Speckman