Sagarmatha woes promise to be long-running soapie
Media company's lofty ambitions left market aghast but that won't stop it trying again
The saga of Sagarmatha Technologies, the Iqbal Survè-founded media company which had its fanciful listings plan scuppered by the JSE this week, is far from over. Although the company said it would address questions around its future in due course, it seems there are strenuous efforts to formulate a plan B. This could include another tilt at securing a JSE listing, even though local market watchers were aghast at the size of the capital-raising exercise and the inferred market value. Another option is a costly exercise to secure a listing on an international bourse such as the Nasdaq, where tech-savvy investors may view the company's blue-sky prospects more sympathetically. Sagarmatha's conglomeration of mostly unprofitable technology and media assets carried an inferred value of R47-billion, with plans to raise between R3-billion and R7.5-billion in a private share placement. The JSE cited a technical factor around noncompliance with the Companies Act to halt the listing. A miffed S...
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