South Africa’s MIC Buys Primedia

JOHANNESBURG (Reuters) – South Africa’s black-owned Mineworkers Investment Company (MIC) has taken control of one of the country’s biggest media firms, Primedia, in a deal worth 246 million rand ($23.98 million), MIC said on Thursday.

Primedia said in a statement MIC had raised its stake to 49 percent from 32 percent. Primedia was delisted in September 2007 after being bought out by management, MIC and private equity firm Brait (BATJ.J: Quote, Profile, Research, Stock Buzz), which owns 19 percent.

The deal makes MIC the biggest shareholder and gives it operational control of Primedia, which owns a clutch of influential radio stations and South Africa’s biggest cinema chain.

South African companies have to meet quotas on black ownership, employment and procurement as part of a government drive to redress the injustices of apartheid and bring more blacks into the mainstream economy. (Reporting by Rebecca Harrison; Editing by Erica Billingham)