Cape Town - Times
Media Group's (TMG) bid for Avusa [JSE:AVU] has been approved by shareholders, who voted
in favour of the deal.
The deal was approved by 78.54% of TMG shareholders at a
general meeting of ordinary shareholders on Thursday.
The deal would hopefully pave the way for a turnaround
strategy for the underperforming media company, BDLive reported.
Avusa shares gained 4.51% to R22.47 following the vote.
Times Media Group was formerly known as Richtrau, an
Mvelaphanda unit with shares in Avusa. The company announced earlier in the year that it would list on the JSE's main board in the media sector on September 10.