Times Media Group: Division sells stake in Random House Struik

Times Media Group (TMG) subsidiary New Holland Publishing had disposed of its 50.1 percent stake in Random House Struik to the Random House Group for R36 million, TMG announced on Friday. It said the proceeds of the sale would be used for future acquisitions. The transaction is in line with TMG’s decision to exit non-core businesses. TMG’s primary interests are in print and broadcast media. Random House Struik promotes English and Afrikaans books and is underpinned by 50 years in publishing under the Struik, Zebra Press and Umuzi imprints. Random House Struik also sells Random House titles that are published internationally into the South African market. The transaction is unconditional and became effective on November 25. The disposal was categorised as a small related-party transaction and did not require shareholder approval, TMG said. TMG closed unchanged at R20 on Friday, having peaked at R21.50 in intraday trading. – Business Report