Mvelaphanda Group Ltd. (MVG) slumped the most since its 1996 stock listing as the South African investment company spun off Times Media Group Ltd., which started trading in Johannesburg today.
Mvelaphanda shares declined as much as 50 percent to 1.65 rand and were down 34 percent as of 11 a.m. in Johannesburg. Times Media, which holds publication and entertainment assets including Sunday Times weekly, Financial Mail magazine and Summit TV business-news channel, traded at 11.50 rand.
Mvelaphanda was given approval by Avusa Ltd. (AVU) shareholders last month to buy the shares it doesn’t already own in the publisher of South Africa’s biggest Sunday newspaper. Times Media is the holding company that owns Avusa’s stock.
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