Ist Group Considers Acquisitions As It Gears Up Fo
Ist Group Limited
Press release
Pretoria, 8 May 2002 - The IST group is actively pursuing acquisitions as
part of a growth strategy aimed at expanding its existing businesses, says
chief executive Harry Coetzee in the annual report published today.
With the turnaround process now effectively complete, Coetzee said,
management had started focusing the technology group on a new growth path.
This was designed not to diversify the group but to strengthen the position
of its established operations in their current markets and, where possible,
to increase their hard-currency earnings.
"The group's balance sheet remains very robust and we are maintaining a
flexible approach to our cash resources with a view to possible
acquisitions. R54 million may seem a modest war chest but it should be borne
in mind that our targets are mainly intellectual property companies that
typically have a small capital base," Coetzee said.
Acquisition criteria were that there should either be a value-adding fit
with IST's existing businesses or a proprietary intellectual property, which
is already being exported.
Coetzee said all IST's divisions were well placed to sustain their current
sound performances and the group was consequently forecasting further growth
in headline earnings for the new financial year.
Issued by du Plessis Associates on behalf of IST Group.
dPA contact: Kathy du Plessis on tel:011-728-4701, fax:011-728 2547,
mobile:083 266 5847 or e-mail: ist@dpapr.com
For further information, please contact
Harry Coetzee, Chief Executive,
012-426-7300 or 082-881-9255
Etienne Toerien, Financial Director,
012-426-7400 or 083-305-5737
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