* Says received unsolicited expressions of interest
* No decision made on divestment
* CFO to leave in October
DUBLIN, July 18 (Reuters) – Irish publishing group
Independent News Media said it is looking at a
possible sale of its South African unit following informal and
unsolicited expressions of interest in the unit.
The Dublin-based group, which also announced the departure
of its chief financial officer who was ousted from the board
last month, said it had appointed advisors to look at a range of
options for its South Africa operations.
The publisher has radically restructured in recent years,
selling its flagship UK title the Independent, as well as
interests in India and shutting loss-making newspapers in
Ireland.
It added that it had not made any decision regarding a
divestment of its South Africa unit, which notched up 37.6
million euros ($46.11 million) in underlying operating profit
last year, a 14 percent drop year-on-year. This compared to 45.6
million euros at its Southern and Northern Irish unit, which was
down 15 percent.
Shareholders voted the chairman, James Osborne, and chief
financial officer, Donal Buggy, off the board last month after
telecoms billionaire Denis O’Brien lead a revolt in the wake of
rival Gavin O’Reilly stepping down as chief executive in April.
O’Reilly’s departure ended his family’s 30-year control of
Ireland’s largest media company and years of bitter squabbling
between O’Brien and the O’Reilly family.
Buggy, who will leave the group on Oct. 5, will be replaced
by Eamonn O’Kennedy, the group’s finance director of its Irish
and Northern Ireland operations since 2011.
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