S.Africa's Times Media to sell Map Integration Technologies stake

JOHANNESBURG, June 7 Fri Jun 7, 2013 8:47am EDT

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JOHANNESBURG, June 7 (Reuters) - South Africa's Times Media Group plans to sell its 51 shareholding in Map Integration Technologies to TomTom Africa for 37.49 million rand ($3.75 million).

The proceeds will be used for future acquisitions that are more aligned to its core business, Times Media said on Friday.

The group owns the 51 percent stake through its subsidiary New Holland Publishing.

($1 = 9.9917 South African rand) (Reporting by Helen Nyambura-Mwaura)