Publications
Partners
Johannesburg - ElementOne (ELE), formerly part of Johnnic Communications, has sold its entire shareholding of 1.1 million shares in MTN for R164.8m to pay tax, it said on Wednesday.
ElementOne's remaining asset is its stake in Caxton & CTP Publishers and Printers after spinning off its media assets to Avusa Limited (AVU), the entity that owns this newswire and other brands such as the Sunday Times.
"The rationale for the disposal includes the intention to realise value in MTN following a period a market volatility. The proceeds of the disposal will be utilised towards a tax liability of the company which is payable later in the year," the company said.
- I-Net Bridge
