On the Money – In Brief
- JSE-listed multinational IT group Datatec has sold 26% of its South African distribution business, Westcon SA, to the Mineworkers Investment Company for R28m.
The group, headed by CEO Jens Montanana, has bought out the 25.1% minority stake in Westcon SA previously held by African Legend Computing for R20m. The R20m offer price is made up of R7m in new Datatec shares, with the balance of R13m settled in cash. Datatec is actively looking for ways to expand the growth of its distribution business in South Africa. Earlier this year it attempted to buy Comztek. However, majority shareholder Mustek rejected the R101m bid.
-Nigerian CDMA operator Starcomms has announced the conclusion of a sale and leaseback agreement with Swap Technologies and Telecomms for 407 of its 557 base station towers. Under the terms of the USD81.4 million transaction, Swap will take over the operation and maintenance of the 407 towers, including the physical structures and power components. The lease agreement is for an initial duration of 15 years, Starcomms’ pre-tax loss for the first nine months of 2010 had widened slightly to NGN4.85 billion (USD31.7 million), from NGN4.8 billion in the year-ago period. In a filing to the Nigerian Stock Exchange, the company said revenue fell to NGN23.96 billion from NGN25.62 billion a year earlier.
- JSE-listed IT multinational Datatec is keeping the corporate action simmering.
Just a day after saying it would conclude a new empowerment deal at its local distribution business, Westcon SA, it’s announced its Logicalis subsidiary is buying US$20m-revenue US networking specialist, Network Infrastructure Corp (NIC).
Datatec has not disclosed the value of the deal. The company will be integrated into Logicalis’s US operation to strengthen its presence in the south-west.Datatec shares have gained 21,7% on the JSE in the past 12 months.
-Shanduka Group, controlled by leading black businessman Cyril Ramaphosa, has been allotted R187m worth of shares in MTN Zakhele, the group’s new empowerment offer. And Ramaphosa is not the only MTN director taking a big bet of the group’s future growth. Despite the fact that he’s due to leave MTN in a few months, outgoing president and CEO Phuthuma Nhleko has acquired R40.2m worth of Zakhele shares. A total of 80,9m Zakhele shares were offered to members of the black public at R20/share.