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MultiChoice lists on JSE

Feb 27 2019 07:04
Carin Smith

MultiChoice will start trading on the JSE on Wednesday, February 27. This follows its unbundling from Naspers, which was announced in September 2018.

It will list on the "broadcasting and entertainment" sector of the stock exchange.

Multichoice serves 14 million customers across 50 African markets, and intends to continue growing this base.

'Africa's century'

Responding to a query from Fin24 ahead of the listing, the company said it was excited about the large long-term growth opportunity it saw ahead, in what it called "Africa's century".

"We have an experienced team in place to lead the group in the next part of its journey. We have the benefit of continental scale, with strong local capabilities," Multichoice responded to an email from Fin24.

"We have almost no debt at listing, strong cash generation and an encouraging growth trajectory. All this sets us up well to deliver excellent returns to shareholders over time."

The MultiChoice group will include subsidiaries such as Showmax, MultiChoice Botswana and MultiChoice Namibia, among others.

In a prior notice, Naspers said it had evolved in recent years into two distinct business lines: a high-growth global internet business with international focus; and a cash generative, African video entertainment business.

The Naspers board of directors, as part of its continuing review of the Naspers business operations, had therefore determined that given their divergent paths, there was no longer a strategic rationale for keeping both business lines together.

* Fin24 is part of Media24, a subsidiary of Naspers.

naspers  |  multichoice  |  jse  |  ict
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