SACTWU’s HCI stake questioned as eNCA plans put 171 jobs at risk

SACTWU is facing scrutiny over its dual role as a trade union and a major investor in the corporate group linked to eNCA, after the broadcaster began a formal consultation that could affect 171 of its 309 employees.

Who owns what: the corporate link to eNCA

eNCA is part of eMedia Investments, the broadcasting group behind e.tv, Openview and eNCA. eMedia Holdings owns 67.7% of eMedia Investments, with the balance held by Venfin Media Beleggings, a Remgro subsidiary. eMedia Holdings’ major shareholder is Hosken Consolidated Investments (HCI), which counts SACTWU as its major shareholder. The ownership chain gives SACTWU a significant economic and empowerment interest in the group.

Retriment consultation and newsroom shift

eNCA has started a Section 189 consultation process that could affect 171 employees. According to IOL, eNCA managing director Norman Munzhelele reportedly told employees the proposed restructuring was driven by changes in traditional television viewing patterns and declining consumption of 24-hour television news as the channel moves toward a smaller, digital-focused newsroom.

eMedia declined to comment on the retrenchment process when approached by IOL. According to IOL, the company said: “As a matter of principle, eMedia does not comment publicly, through the media, on its internal business operations, confidential employee matters, or internal processes.”

Questions for SACTWU and HCI

IOL sought responses from SACTWU and HCI about SACTWU’s current direct and indirect interest in HCI and the extent of the union’s influence over HCI, eMedia Holdings and eNCA. According to IOL, no response had been received from either SACTWU or HCI by the time of publication.

According to IOL, the union acknowledged an enquiry through national industrial policy officer Etienne Vlok and indicated it would respond, but no response was received. Further attempts to reach the union by telephone and WhatsApp were unsuccessful.

How SACTWU came to be a major investor

SACTWU’s relationship with HCI stretches back almost three decades. The union provided capital and empowerment credentials during HCI’s development and has remained its largest shareholder. In 2025 and 2026 transactions described by IOL, SACTWU’s direct stake in HCI was restructured through dealings involving HCI shares and assets, with the revised September 2025 transaction envisaging Squirewood holding about 21.7 million HCI shares, equivalent to about 25.3% of HCI’s issued shares net of treasury shares. HCI shareholders approved related transactions at a general meeting in January 2026.

Critics and internal tensions

The HCI–SACTWU relationship has drawn criticism from activist investor Aktiv Investment Management and from rival unions. According to IOL, Aktiv’s Adrian Zetler described the revised transaction as “a terrible deal for Sactwu” and warned it could strengthen HCI management’s control while leaving SACTWU with a less transparent investment.

GIWUSA has condemned the planned eNCA retrenchments and called for public support for affected workers. According to IOL, GIWUSA president Mametlwe Sebei said the situation vindicated his union’s long-standing opposition to trade unions owning investment companies, arguing such structures create competing obligations for union leaders and tie them to corporate interests.

“I mean the situation at eMedia is a complete vindication of our position for consistently opposing the idea of trade union company investment companies, which we’ve always argued,”

According to IOL, Sebei added that such structures compel unions to defend commercial decisions that may conflict with workers’ interests, and he questioned whether cost pressures alone explained the proposed cuts.

What this means

The proposed eNCA retrenchments have sharpened scrutiny of how a worker organisation balances its mandate to advance workers’ interests with its role as a significant investor in businesses that pursue commercial returns. According to IOL, questions sent to SACTWU and HCI about the union’s influence, involvement in operational decisions and whether it was consulted about the proposed retrenchments received no responses by the time of publication.

Next steps

The Section 189 process is a consultation during which alternatives to retrenchment may be considered before final decisions are taken. The outcome of that process and any responses from SACTWU or HCI will determine whether the ownership questions and the proposed job cuts lead to further public and investor scrutiny.