JOHANNESBURG, Feb 18 (Reuters) – South African media and internet group Naspers said on Wednesday that it plans to list its Novus printing unit on the Johannesburg Stock Exchange (JSE) in March.
Novus is a subsidiary of Media24, which in turn is part of Naspers’ sprawling stable. Novus operates 11 printing plants and a tissue facility in South Africa, Naspers said in a statement.
“With an ever growing percentage of Novus’s work now coming from third parties, and Novus’s continued diversification of its revenue streams, it is appropriate to list Novus on the JSE,” Naspers said.
“The listing will be effected via a private placement of Novus shares held by Media24. Media24 will remain the majority shareholder of Novus,” it said.
Novus had revenues of 3.969 billion rand ($340 million) in the financial year ended March 31, 2014, and an operating profit 649 million rand.
