BUSINESS MAVERICK: Fear and Loathing at Survé-owned The African News Agency

Journalists and photographers at the African News Agency a news and content syndication service, were informed about soon-to-be issued Section 189 retrenchment notices on Thursday night.

About 25 people are employed at ANA, which was launched in Cape Town in February 2015 by Iqbal Survé, chairman of Sekunjalo and executive chairman of Independent Media. ANA was injected into Sagarmatha Technologies by Sekunjalo. Another vehicle belonging to the Survé family trust held a small stake in it. In addition, the China Africa Fund acquired 5% of the company for R357-million in 2015, according to this a2015, ANA’s sales reached R8.3-million, with operating losses of R22.5-million.

But ANA is more than a noble business whose goal is to tell the untold stories of the African continent. Its valuation supported that of Sagarmatha Technologies.Survé appears to have used the acquisition of, and investment into ANA as a vehicle from which to acquire a greater shareholding in Sagarmatha – almost for nothing.

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