Altech acquires minority interest in Altech NamITech
Allied Technologies (Altech) and Giesecke & Devrient (G&D), the German smartcard company, have concluded an agreement whereby Altech has acquired G&D's minority interest in Altech NamITech.
Altech has acquired G&D’s effective 11% shareholding (taking into account the empowerment shareholding structure) and Altech now owns an effective 72% of Altech NamITech. Pamodzi, the empowerment partner, retains its shareholding, amounting to 28% of Altech NamITech’s total issued shares.
Altech CEO, Craig Venter, comments: “We have enjoyed a successful long-term relationship with G&D, who have consistently contributed to Altech NamITech’s technology growth. One of the fundamental reasons for this partnership has been technology transfer to Altech NamITech. Given our acquired depth of knowledge in embedded technologies, we have mutually agreed that the time is right to cut the umbilical, as Altech NamITech aspires to take fuller control of its destiny”.
“Altech NamITech has successfully launched its operations in Nigeria West Africa and currently supplies in excess of 55m cellular pre-paid top-up vouchers a month to five major cellular network operators and other customers,” Venter adds.
Notwithstanding the new equity structure, Altech will continue a close commercial relationship with G&D, and will continue to represent its products and technology in sub-Saharan Africa for a period of up to two years. In addition, Altech and G&D have reached an agreement regarding technical assistance, supply arrangements and restraints of employees.