Biggest public BEE share offer by Media24
2006-10-05
MEDIA24, a subsidiary of Naspers Limited (NPN) has announced details of the biggest black economic empowerment (BEE) share offer to the public in South Africa’s print media industry.
Through a newly-created company called Welkom Yizani Investments, all eligible black South Africans will have the opportunity to create wealth for themselves by owning an indirect stake in Media24, the nation’s leading print media company.
The offer opened on Friday 29 September. A prospectus which outlines the details of the share offer is available at any branch of First National Bank (FNB).
Application forms to buy Welkom Yizani shares will also be available at FNB, and applications must be received before the offer closes on October 27.
The result of this national drive will be that South Africans who love and support the magazines, newspapers, books, education and digital services of Media24 will own an interest in the company.
“Media24 is committed to the transformation process in our country,” says MD of the company, Hein Brand.
“We believe that it is in the interest of business and the country as a whole that opportunities for wealth creation be given to those who never had the chance in the past.
“What makes this offer unique is that Media24 has chosen not to partner with one or two big BEE groups, but to open the share offer to the public,” he says.
“Ownership is a key component in this process and Media24 would like as many eligible black South Africans as possible to have the opportunity to take up shareholding in Welkom Yizani Investments.
“In short we would like to put significant ownership into the hands of the people who love and read our publications, and who take an interest in our related education and other business activities.”
All eligible black people can take part in the Welkom Yizani share offer for a minimum investment amount of R200 and a maximum investment amount of R14,6 million. The shares cost R10 each.
Companies and entities that are both black majority owned and controlled are also eligible.
To find out more, call 0860 12 12 24, visit www.mymedia24.co.za or your nearest FNB, or attend the road show in Paarl on 12 October at the Annunciation Church hall from 17:00.
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