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MultiChoice is expected to start trading on the JSE from February 27, subject to the proposed separation of entertainment giant Naspers.
According to a preliminary statement released after markets close on Monday, MultiChoice said it will make a list in the "broadcast and entertainment" sector of the stock exchange. Naspers announced its intention to disaggregate MultiChoice in September 2018.
"Naspers intends to distribute 438 837 468 shares (of which 100% of the issued shares and all shares held by the company by Naspers) to the shareholders registered in Naspers' insurance register on Friday, March 1, 2019," the announcement said .
The MultiChoice group will include subsidiaries such as Showmax, MultiChoice Botswana and MultiChoice Namibia, among others.
MultiChoice operates in 50 countries in sub-Saharan Africa. As of March 31, 2018, the group had 13.5 million subscribers, generated more than R $ 47 billion in revenue and recorded an operating profit of R $ 6 billion.
In its own notice to shareholders issued on Monday, Naspers reiterated the reasons for the split – in such a way that Naspers' future business strategy is to become a global consumer Internet company.
"Naspers has evolved in recent years into two separate business lines: a global high growth internet business with an international focus and a cash-generating African video entertainment company.
"Naspers 'board of directors, as part of its ongoing review of Naspers' business operations, has determined that, given their divergent paths, there is no longer a strategic justification for keeping both lines of business together and there are no synergies between the two companies. ", the notice read.
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