Sekunjalo adds jazz to its expanding repertoire

Cape Town - It has interests in fish, healthcare and information technology, but listed black economic empowerment company Sekunjalo Investments has now added jazz to its repertoire.

The group announced yesterday that through its subsidiary, Sekunjalo Media Holdings, it had bought the majority stake in ESP Afrika and South Atlantic Jazz Festival, the organisers of the world-acclaimed Cape Town International Jazz Festival, for an undisclosed sum.

The acquisition was from Rocklands Investments which bought into the company when its Dutch partners withdrew at the end of their contract in 2004.

The two original shareholders, chief executive Rashid Lombard and Malcolm "Billy'' Domingo, held the remaining shares.

Iqbal Survé, Sekunjalo chief executive, said the company has supported jazz through an annual concert that provided bursaries to 50 schools mainly on the Cape Flats. The company also launched the Abdullah Ibrahim jazz festival that supported a jazz academy.

"We think jazz is important to Capetonians and the country. It is important to give musicians an opportunity to showcase themselves and to develop and to work with musicians globally."

Survé said it was a commercial investment and Sekunjalo had done its due diligence, valued the business and decided that if ESP had the right corporate support behind it in terms of funding and resources, the business could generate significant returns.

"It is not a corporate social responsibility investment although it is strongly linked to our CSI initiative. It's a profitable investment and … we will grow the business substantially.''

The ESP deal was the first by Sekunjalo Media Holdings that was started earlier this year with the appointment of former Cape Times editor Ryland Fisher as chief executive.

Lombard said: "We value the business skills that Sekunjalo brings to the partnership. We share the same values and commitment towards developing, supporting and empowering communities and small business initiatives. We look forward to a long and happy relationship."