Local news media company Mmegi Investment Holdings (MIH) has recently invested in a P25 million printing press.
MIH, the publishers of some of the country’s oldest newspapers including Botswana Guardian and Mmegi, this week announced that the new state of the art press will become operational by September this year. “The company has been strategically positioning itself for growth by diversifying its products as well as venturing into other sectors of the economy over the last three years,” said MIH Chairman Methaetsile Leepile this week.
“The new state of the art equipment will transform the MIH’s current printing facility situated at Tlokweng to be a fully fledged world-class commercial printer.” Moreover, Leepile described the heat-set web off set press as the only one of its kind in Botswana, adding that the equipment is able to print newspapers, glossy magazines flyers and books.
“Two of the principal shareholders in MIH, Leepile and Titus Mbuya, together holding a majority of the company’s shareholding offered a combined 30 percent of their shares for sale to raise funds.” According to Leepile, the sale was done through the Office of the Group’s Company secretary in compliance with statutory requirements. Moreover, Leepile said the company’s existing shareholders were given the opportunity to exercise their pre-emptive rights to buy the shares before the offer could be opened to third parties in a special window.
“This was in accordance with the requirements of the Shareholders agreement. During the pre-emptive purchase window one existing shareholder bought some shares. Shares offered were still remaining so they were offered to the general public after the expiry of the pre-emptive window.”
Leepile explained that three Botswana companies applied to purchase the shares and of the three, one successfully completed the process namely Universal House (Pty) Limited. Meanwhile the changes in the company shareholding structure will necessitate changes in the directorship. Mbuya is now expected to takeover as Group Manager Director, while Leepile continues to serve as Chairman of the Board. Moreover, the shareholders still maintain the majority shareholding.