Kenya: AccessKenya gets go-ahead to complete Openview deal
AccessKenya Group has received approval from the Capital Markets Authority for its acquisition of Openview Business Systems. The acquisition is one of the projects the Information Communication Technology (ICT) firm is undertaking after successful IPO in May.
The shareholders are expected to approve the acquisition for it to be formalised at an extraordinary general meeting to be held on November 5. The Group's management is optimistic they will get the shareholders' nod after receiving support on the transaction from shareholders owning more than 50 per cent of its shares.
AccessKenya Group Managing Director Jonathan Somen said the acquisition will make the firm a "one stop ICT shop", with the ability to offer clients a fully managed end -to- end solution from every personal computer (PC) in their premises all the way to the internet. "We are very pleased to have received approval from the CMA and informal pledges of support from a number of our largest shareholders prior to the EGM" said Jonathan Somen. Last month, the firm acquired a 70 per cent stake in OpenView Business Systems which offers a range of ICT services to companies and the government. The company's current turn over is Sh200 million and the acquisition is expected to increase the Group's turn over to over Sh1 billion by next year.