Radio Africa sells 49% to South Africa's Times Media

Radio Africa Ltd has sold a 49 per cent stake to Times Media Group in a deal that will boost the company’s financial muscle and offset debts, it disclosed yesterday. TMG, which is listed on the Johannesburg Stock Exchange, acquired the stake at a price of $18.62 million (Sh1.61 billion), valuing Radio Africa at $38 million (Sh3.29 billion) in total. Group chief executive Patrick Quarcoo said the transaction “will be good to the company, for the staff, and the shareholders”. “This can only be good news for everyone concerned. In our view it is a win-win-win deal,” he said. Proceeds from sale...