Investment In Brief

Investment

- Telkom Media is going “deep-pockets” in its forthcoming battle to win a presence in the Pay TV market. According to an interview with CEO Mandla Ngcobo. Absa has given it “short-term general banking facilities” of R9.1 billion and Standard Chartered has given another facility of R4 billion. Ngcobo’s line is that the project will cost R7 billion and that it is therefore twice covered by its overdraft provision. Wait for him to eat those words (or we will) as Pay TV nearly always costs those who get involved more money than they initially thought it would.