Reunert to partner CS Holdings
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Information Technology Editor
TECHNOLOGY company CS Holdings has gained a major new shareholder in the form of Reunert, which has bought a 31,7% stake in the business by taking out two other investors.
Reunert has bought 40-million shares held by the Dutch company Getronics and 37,7-million held by Electra Share Ventures. Reunert paid 55c a share, the price at which they were trading yesterday before gaining 5c to close at 60c.
CS Holdings CEO Annette van der Laan said she was not perturbed by the loss of two major shareholders as they had been replaced successfully with a strategic and powerful partner.
Reunert CEO Gerrit Pretorius said the investment made sense as CS Holdings operated in the same sphere as other Reunert companies, which would let them cross-sell their products and services.
Getronics acquired its shares as part of a deal to sell its SA operations to CS Holdings. Now Getronics is consolidating by shedding noncore assets.
Electra's investment was managed by the private equity arm of Genbel Securities (Gensec), which is now closing that operation.
Oct 17 2003 07:21:55:000AM Lesley Stones Business Day 1st Edition
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