A co-founder of TopTV parent company, On Digital Media (ODM), has expressed his concern at the prospect of StarTimes taking over the ailing broadcasting group.
HumanIPO reported yesterday (Wednesday) Chinese company StarTimes, which has a presence in nine African countries, was in talks with ODM about a potential takeover, but speaking to Business Day Live Mergan Moodley said he opposed the deal.
ODM filed for business rescue in November and remains in a perilous position.
Moodley said he had an offer for the company rejected before May 2012. He said: “Was it a deliberate move by someone to close down the company?”
Since then the company’s value has dropped and he believes if a deal were to go ahead now, shareholders would not get value for money.
Moodley remains a minority shareholder in the company and said shareholders are yet to receive the full details of the StarTimes offer.
In October 2012, Moodley wrote a letter to the Industrial Development Corporation (IDC) board, one of TopTV’s shareholders, complaining of bullying by directors, its financial affairs and continual “mismanagement”.
