Tiso Blackstar needs to dispose of more assets
The group, which owns a brand printing, packaging and digital solutions business in Durban and media titles such as Business Day, Financial Mail and Sunday Times, late on Monday reported a massive 160percent increase in headlined loss per share to -76.60cents for the year to June 30, compared with the previous year.
Following the anticipated R1.05billion sale of the media, broadcast and content business to Lebashe Investment Group next month, the liquidation of steel pipe-making business Robor and acquisitions in Hirt & Carter, chief executive Andrew Bonamour said that he expected Tiso’s borrowings to end up between R300million and R350m, with asset-based financing of about R186m remaining by next month.
“Total debt will be comfortably serviced by the remaining businesses.
“The strengthening of the balance sheet as a result of the transaction presents an opportunity to take a longer-term view around the future direction of the company,” he said.
Source: iol.co.za