Authority of South Africa expressed its "concern" that MultiChoice
The Group continued its listing on the Johannesburg Stock Exchange, despite
in response to a complaint to the Complaints and Compliance Committee of ICASA.
MultiChoice was already part of Naspers and was separated from its parent company in September 2018.
At the end of January, non-profit
Khulisa Social Solutions has submitted a complaint to the CCC regarding the listing,
saying that MultiChoice was violating the Electronic Communications Act.
Khulisa wanted an opportunity
archive representations with the communications slider before MultiChoice
began to negotiate his actions.
MultiChoice, for its part, said that
We believe that regulator approval was required for the listing to go
In a statement released on Wednesday – the date of MultiChoice
started trading on the JSE – ICASA said "note (d) with concern that the
The Multichoice Group listing appears to be moving ahead, although there is a
complaint to the Complaints and Compliance Committee (CCC) against the
licensed on this list. "
According to the complaint, Khulisa disagreed
MultiChoice listing without prior approval of the regulator.
"In his complaint, Khulisa stated that the next
The listing of the Multichoice Group in JSE will result in a violation of the
Section 13 (1) of the Electronic Communications Law 0f 2005 (ECA), as amended.
"Section 13 (1) of the ECA states that" an individual
the license may not be assigned, sublicenseed, assigned, transferred or otherwise transferred, and
the control of the individual license can not be assigned, assigned or in any way
transferred to any other person without the prior written permission of the
Authority, "ICASA said in a statement.
According to ICASA, MultiChoice appeared before the CCC on February 18 and, in its representations, argued that the matter was not urgent.
and the listing had not yet occurred, adding that it had not committed any
in the past.
"ICASA is really concerned that the listing appears to be
going forward while the CCC is still considering representations that have been made
and to make its final recommendations on this subject to the Council of
Authority, "said ICASA.
Approached by Fin24 to comment, MultiChoice Group Executive: Corporate Affairs,
Joe Heshu, said that MultiChoice has been constructively involved with ICASA's CCC to
resolve the matter.
"The MultiChoice Group is pleased that all the
Regulatory approvals for your listing on the JSE were
sought as necessary, "Heshu said.
At 2:22 pm on Wednesday, the MultiChoice Group [JSE:MSG] shares were traded 11.5%
at R106.46 per share. They started trading at R95.50.
* Fin24 is part of Media24, a subsidiary of Naspers