Tuesday 26 September 2017

INM appoints advisers as it ponders options on South African business

Maeve Dineen Business editor

INDEPENDENT News & Media (INM) has appointed Investec and Canaccord Genuity Hawkpoint as advisers as it explores options for its South African business.

The company confirmed yesterday that the move followed "informal and unsolicited" expressions of interest in the operations at a time when INM is looking at ways to de-lever its balance sheet.

INM, the publisher of this newspaper, is the number one newspaper publisher in South Africa.

It also owns a number of regional titles, lifestyle and beauty magazines, printing works and a number of internet portals.

"No divestment decisions have been taken by the company," the company said in a statement.

Separately, chief financial officer Donal Buggy is to leave the group in October to pursue other interests.

He will be replaced by Eamonn O'Kennedy. Mr O'Kennedy joined INM in 1999 as group finance manager at the company's head office.

In 2007, he was appointed finance director of the Group's Irish operations and was appointed finance director of the Island of Ireland operations in 2011.

"I am grateful for the contribution Donal has made to INM over the course of many years," said group chief executive Vincent Crowley.

"He leaves with our best wishes for the future. I welcome Eamonn into the role to which he brings a wealth of relevant experience."

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