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Nafcoc buys stake in mobile TV operator, BUSINESS REPORT (Cape Times)

BUSINESS REPORT (Cape Times) Page 15

THE NATIONAL African Federated Chamber of Commerce (Nafcoc), which had bought a 20 percent equity stake in mobile television provider Mobile TV, would be more than a passive investor and would not have a “free ride”, Mothobi Mutloatse, the chairman of the Mobile TV Consortium, said yesterday. Both parties declined to comment on the value of the transaction, which was announced yesterday. Questions hang over how Nafcoc will pay for its purchase. The black business body, whose ties with Nafcoc Investment Holding Company, or Nafhold, were severed two years ago after the parent body allegedly misappropriated funds, has not clarified how it will fund this investment. Lawrence Mavundla, described as the chairman of the newly created investment arm of Nafcoc, said the organisation was capable of funding the project and had access to state funding institutions such as the National Empowerment Fund and the Industrial Development Corporation.

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