Times Media Group disposes of stake in MAPIT
Times Media Group (TMG)‚ through its wholly-owned subsidiary New Holland Publishing (South Africa) Proprietary Limited (NHP)‚ has entered into an agreement in terms of which it will dispose of its 51% shareholding in MAP Integration Technologies Proprietary Limited (MAPIT) to TomTom Africa Proprietary Limited for R37.5m.
The disposal forms part of TMG's turnaround strategy‚ which includes exiting non-core businesses. MAPIT provides navigation data and related navigational mapping services to navigation device suppliers in the South African market and as such MAPIT is not aligned to TMG's core businesses‚ being media and retail solutions.
"The proceeds of the disposal will be used to reduce acquisition leverage with respect to future acquisitions more aligned to TMG's core business‚" the group said.