SADC Correspondent | Oct 30, 2018 | 0
Paarl takes on new identity, lists on JSE
Publishers of iconic brands Drum, Huisegenoot and You, Paarl Media is set to sever ties with its parent company Media 24, a Naspers subsidiary amidst a planned listing on the Johannesburg Stock Exchange. The listed entity will trade under the name Novus Holdings Limited.
Approval is set to be concluded in March this year.
Chief Executive Officer Stephen van der Walt said earlier in March that the listing was a step as part of the Group’s strategy to unlock its growth potential and diversify into manufacturing and technology that is related to its current core business of print. This is reflected in the name change to Novus Holdings, which in Latin means “new” and is consistent with its new strategy, new prospects and new technology.
“Over the last two decades Novus Holdings has built a strong financial platform through successful acquisitions, organic growth and an innovative management team, utilising world-class technology in our various facilities. As a result, the company has emerged as a market leader,” he said. “With such strong foundations in place, and with significant growth potential on offer through extending and diversifying our product range in the sub-Saharan region, we believe the time is right to take the next step and explore diversification directly linked to our core competencies while consolidating market positions in our current facilities,” said van der Walt.
“Subject to Johannesburg Stock Exchange (JSE) approval, the Group intends to trade its shares under the ‘Diversified Industrials’ sector classification on the JSE, alongside companies with a similar diversification strategy and mindset,” added van der Walt, adding, “We are confident of our growth prospects and it will be our intention to consider the payment of dividends to shareholders as the Group sees fit.” Notable achievement witnessed in its 15 year span include eleven printing and one tissue producing plant in South Africa, printing and binding capacity of 485,000 tonnes per year, prints and delivers educational material to various countries in Sub-Saharan Africa under the labels Oxford, Macmillan and Cambridge. In excess of N$3.3 billion has been invested in printing and manufacturing technology since 2000.
The Board of Novus Holdings is intended to comprise of 11 directors of which six will be independent non-executive directors. Two of the 11 directors will be appointed from the majority shareholder, Media24.
“The company has a strong market position in workbooks, magazines newspapers, catalogues, retail inserts and books with most major publishers and retailers throughout sub-Saharan Africa as clients,” concluded van der Walt.