ARCHIVE

Iqbal Surve has not paid back GEPF's money - Tito Mboweni

Finance minister says difficult market conditions have put immense strain on the performance of print-media companies

NATIONAL ASSEMBLY

QUESTION FOR WRITTEN REPLY

QUESTION NUMBER: 2637 [NW2925E]

DATE OF PUBLICATION: 7 SEPTEMBER 2018

2637. Mr D J Maynier (DA) to ask the Minister of Finance:

Whether the Public Investment Corporation loan to Independent Media which reached maturity on or about 17 August 2018 has been settled; if not, why not; if so, what are the relevant details? NW2925E

REPLY:

A couple of years of difficult market conditions have put immense strain on the performance of print-media companies in South Africa. Cumulatively over the past two years the total returns of Tiso Black Star Group are down by 78.22% and that of Caxton and CTP Publishers Limited by 39.81%. Independent News and Media (INMSA) is not different from these listed print-media companies. Due to difficult trading conditions, the loan that INMSA had to settle during August 2018, has thus not been settled. The PIC is in discussions with INMSA on the way forward to resolve this matter.

Issued by Parliament, 1 November 2018

From the Sagarmatha Technologies Limited pre-listing statement: