A company that owns Multi-Choice, Naspers has announced an executive leadership team for the newly formed MultiChoice Group with the intention of listing its Video Entertainment business separately on the Johannesburg Stock Exchange (JSE).
Naspers appointed Calvo Mawela as the Group Chief Executive Officer and Imtiaz Patel as the Executive Chairman.
Commenting on the appointments, Naspers CEO Bob van Dijk said: “This announcement marks a significant step for the MultiChoice Group as they journey towards a stand-alone business.”
“I am confident that through the leadership of Imtiaz and Calvo, MultiChoice Group will continue on its growth trajectory and unlock even more value for its shareholders.”
Naspers had on 17 September 2018 announced its intention to list the Video Entertainment business separately on the JSE and simultaneously unbundled the shares to its shareholders.
The listing and unbundling of MultiChoice Group will create an empowered, top 40 JSE entertainment company that is profitable and cash generative.
Multichoice Group is expected to be listed on the Johannesburg Stock Exchange (JSE) in the first half of 2019 and will include MultiChoice South Africa, MultiChoice Africa, Showmax Africa, and Irdeto.
MultiChoice Group, which added 1.5 million subscribers and generated 47.1 billion Rands, expects to be Africa’s leading video entertainment business.
Other appointed members of the Multichoice group include Tim Jacobs as the Chief Financial Officer and Brand de Villiers as Group Chief Operating Officer.
The appointed members will start their duties on 1 November 2018
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