Johannesburg - Caxton's shareholding in Times Media Group
has increased with its acquisition of Mvelaphanda Holdings' 7.3%, the Business
Day reported on Tuesday.
According to the report, Caxton and CTP Publishers and Printers [JSE:CAT] now has a 10.44% stake in
the Times Media Group, the owner of Sunday Times and half of Business Day.
The Business Day reported that Caxton was one of the largest
shareholders in the media group with its holding valued at about R170m after
the Public Investment Corporation (PIC), Coronation and UHC.
The Times Media Group, formerly known as Avusa and Johnnic
Communications and founded by human settlements minister Tokyo Sexwale, still
has shares in financial online company Moneyweb.
The sale comes after Mvelaphanda Holdings recently decided
to invest in companies in which it had substantial control, according to the
Caxton's purchase came two weeks after Coronation increased
its stake in Times Media Group from an estimated 11% to 15.5%, the newspaper
On Monday, Coronation, the PIC and Kagiso Asset Management
said they were not selling their shares in the group.
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