FYNBOS MEDIA
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20.0%
Fynbos Media (Proprietary) Limited (Fynbos Media) is an early stage black
controlled Cape Town-based investment holding company whose primary business
is making equity investments with a view to long-term capital appreciation.
VenFin, who owns 20% of Fynbos Media, is involved on a strategic level. VenFin
has committed an initial R5 million to the company, R1.5 million of which
has been drawn, and will consider co-investing with the company on an ad hoc
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Overview of the year to 30 June 2007
During its first year of operations, Fynbos Media acquired a 25% shareholding
in The Grape Company, an exporter of table grapes. In October 2006, the company
applied for shares in the empowerment transactions initiated by Naspers Limited
involving two of its unlisted subsidiaries, MultiChoice Africa and Media24.
Fynbos Media was eventually successful in acquiring 10 684 shares in Phuthuma
Nathi (an empowerment vehicle with a 15% equity holding in MultiChoice Africa)
at a cost of R106 840 and 800 000 shares in Phuthuma Nathi 2 (the empowerment
vehicle with a 7.5% equity holding in MultiChoice Africa) at a cost of R8 million.
BEE
Fynbos Media is a black controlled business with 68% of the shares held directly
or indirectly by four black individuals. The company will continue to evaluate
investment opportunities with the aim of establishing BEE partnerships.
