Disposal of 25% plus 1 share shareholding of the Group’s interest in Altech Alcom Motomo (Pty) Limited, Altech Alcom Radio Distributors (Pty) Limited and Altech Fleetcall (Pty) Limited
The Group entered into an empowerment transaction where Southern Palace Group of Companies (Pty) Limited acquired a 25% plus 1 share shareholding in Altech Alcom Motomo (Pty) Limited, Altech Alcom Radio Distributors (Pty) Limited and Altech Fleetcall (Pty) Limited, effective 1 March 2011.
The empowerment consortium acquired its shareholding for a nominal consideration.
Acquisition of 25% shareholding of Pamodzi Investments Holdings (Pty) Limited in Altech Information Technologies (Pty) Limited
Effective 1 July 2011 the Group acquired the 25% shareholding of Pamodzi Investments Holdings (Pty) Limited in Altech Information Technologies (Pty) Limited, the holding company for the Group’s information technology subgroup, for R 37,5 million in cash.
This transaction will be followed shortly by a further vendor-financed empowerment transaction involving Altech IT and will include the recently acquired Swisttech operation.
Post-balance sheet events
In March 2011 the Group signed agreements to sell 25% plus 1 share of its interest in UEC’s African business to PowerMatla (Pty) Limited, Empower a Thousand (Pty) Limited and Epiworx Investment (Pty) Limited. This transaction became effective from 1 September 2011.
The empowerment consortium acquired its shareholding in UEC’s African business for a nominal consideration.
Effective 1 September 2011 the Group acquired 100% of the issued share capital of Eyenza Mobile Money (Pty) Limited (“Eyenza”) for a nominal amount.
Eyenza is a wallet-based, mobile money payments system that is targeted to the unbanked population of South Africa and Africa.
The Group signed agreements with SetOne GmbH in August 2011 to acquire 80% of the shares in the company for a maximum purchase price of €3,96 million.
€2 million is payable in cash upon fulfilment of the conditions precedents, which at reporting date were still outstanding, and the balance of €1,96 million is payable in terms of an earn-out over three years.
In addition, the Altech Board approved the exercise of a call option to purchase the remaining 20% of the shares on the same basis as the initial 80%. The total maximum purchase price for 100% of the shares in the company is €4,86 million.
SetOne specialises in the manufacturing, repair and servicing of digital video broadcasting set-top box receivers. It has expertise and key skills in the supply chain design phase and product management of these products. SetOne has built partnerships, including licencing agreements, with key players in the sector’s product and services value chain throughout Asia and Europe.