Times Media Group Mvelaphanda’s reported stake rectified

Mvelaphanda Holdings now held 1.57 percent of Times Media Group (TMG) and not zero percent as previously announced, the latter said yesterday. TMG said it had received an updated formal notification in line with the Companies Act from Mvelaphanda Holdings to clear the error. On Tuesday TMG, formerly Avusa, disclosed that shareholder Mvelaphanda Holdings had sold its 7.3 percent stake to Caxton, another media company. Caxton’s stake in TMG subsequently rose to 10.4 percent, making it one of the largest shareholders after the Public Investment Corporation, Coronation Fund Managers and printing firm Universal Print Hirt & Carter. TMG publishes Sunday Times, the Sowetan and owns Exclusive Books and Nu Metro cinemas. It also holds half of a joint venture that publishes Business Day and Financial Mail. TMG shares were unchanged at R13.75 after yesterday’s announcement. – Asha Speckman