Well known producer Joel Phiri has launched a new company ZING Entertainment based in Johannesburg.
According to the press release, ZING is a specialised vehicle that provides a bouquet of financial services to the film and television industry in South Africa. The company encompasses a product range that offers equity production, acquisition finance, capital guarantees, discounting and bridging to advisory services for both local and international producers working in South Africa.
“ZING’s main objective is to support the creation, growth and development of the South African Film and Television Industry. It intervenes by means of risk capital and guarantee instruments, using either its own funds or those available within the framework of incommodity partnerships entrusted to it both by institutional and private investors,’ says Phiri.
“It will optimise the impact and benefit of government incentives such as the Department of Trade & Industry’s (DTI) Film and Television Rebate, and Section 24F of the Income Tax Act.’
Phiri says that as a majority black owned company ZING is committed to transformation and the development of Small and Medium-sized Enterprises (SMEs) in the South African film and television sector.
