The Black Business Council (BBC) questioned what it called anti-transformation attempts to undermine the listing of media and e-commerce company Sagarmatha Technologies, it said in a statement and named as detractors Tiso Blackstar, owners of Business Day and Daily Maverick.
According to an official media statement, Black Business Council (BBC) has congratulated Sagarmatha Technologies on its anticipated listing on the Johannesburg Stock Exchange (JSE) on 13 April 2018.
The BBC notes that since the announcement was made of the listing, there has been sustained attacks from detractors of Independent Media, in particular Tiso Blackstar, the owners of Business Day & Daily Maverick.
Iqbal Survé, Independent Newspaper Founder and CEO has won the backing of the Black Business Council (BBC), an organisation which promotes black business across South Africa, with a confirmed share purchase of ZAR240 million.
Survé will list a bundle of his businesses, Sagarmatha on the JSE.
Survé potential listing articles have been dominating the media industry, with a series of negative articles published in rival publications, suggesting that Sagarmatha is insolvent and calling for the listing to be cancelled.
“The nature of these attacks are anti-competitive that serve to only promote an anti-transformative narrative that is designed to keep a significant part of the economy namely, media and eCommerce, in white hands and continue to prohibit the entrance of black people into the mainstream economy,” said the BBC.
“We note that Sagarmatha’s shareholders include more than 2 million workers, some of the largest trade unions in the country, civil society groupings, NGOs, black businesses, employees of the various companies and universities,” it said.
“This concerted attack against a black owned business is the reason it is difficult to have an inclusive economy. The desperate weak tactics were very evident where Tiso Blackstar group decided to dedicate a full-page article on Sagarmatha, as well as a quarter page in the company section of their publication, without even affording Sagarmatha Technologies or Independent Media the opportunity to provide comments.”
“This is an outright display of the abuse of powers and practice of unethical journalism to the extent that they have not published the response of Sagarmatha Technologies in the same newspaper and online. One can only describe this feeble attempt to stall the listing, as desperation by the white media house against a black company.”
“On the 9 April 2018 BBC Capital, the investment company of the Black Business Council, concluded its transaction to invest in Sagarmatha Technologies Ltd with an allocation of 6 million shares valued at ZAR240 million. This is certainly a noteworthy accomplishment as we have not just invested in a black business but strategically positioned ourselves favourably on the growth trajectory of the ICT sector with the industry leader of choice.”
“The successful conclusion of this transaction is bigger than just participating in an economically fruitful opportunity, it is the BBC’s signal to the monopolies that we as black business are more than just commentators of transformation, but also meaningful players in the economy with the clear intention to demonstrate transformation and the power black excellence.
We call on the JSE, the PIC and all asset managers to not withdraw on supporting the Sagarmatha listing and to stand firm against these crude and very obvious attempts to undermine the listing of one of JSE’s largest black listing in many years.”