Publications
Partners
However, there was a close call in ordinary resolution number seven which was eventually passed by 56.38% of the votes. The resolution gives the directors a mandate to place 20% of the remaining un-issued shares under the control of the directors.
The group has enjoyed a healthy financial run in the current year and boosted its operating profit from R206m in 2006 to R236m in 2007. Speaking to Finweek after the AGM, Roger Jardine, the group's chairperson said: "There is co-operation between different units in our business and that is why we have continued to do well.
"There are units in which we didn't perform well, for an example, the Kagiso Exhibitions and Events which has done well in previous years but didn't have a great year in the past financial year. We want to get it back to its potential going forward," said Jardine.
Kagiso Exhibitions and Events own and manage some of the largest events on the continent. The division made a R537 000 loss in 2007, a huge drop when compared to a R5.3m profit in 2006.
"There was a change in operational circumstances in 2007 that has contributed to the division not doing well. But we have put plans in place to ensure a turnaround strategy. The division has to return to profitability," added Jardine.
Most companies struggle to reach the target set-out by the government in terms of black economic empowerment (BEE) but not so with Kagiso. "We are a BEE company that prides itself in its diversity as you can see in our board," boasted the chairperson.
Whilst the group is looking forward to a brighter future; one of its stations, Igagasi FM in KwaZulu-Natal almost dragged the name of the group into the mud.
The station allegedly refused to play a song from DJ Sbu who works for a rival station Ukhozi FM. Does this show a lack of tolerance to the competitors?
"No, we go through what we call a research test in our stations. Our audience chooses the songs they like and we give them what they ask for. We don?t decide for them, so if a song doesn?t get airplay, that?s our listeners? choice," said Omar Essack, the group?s executive director in broadcasting.
- Fin24
