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SKJ
SKJ
Sekunjalo Investments Limited - Press Statement
Sekunjalo Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/006093/06)
Share code: SKJ & ISIN: ZAE000017893
("Sekunjalo" or "the company")
Press Statement
Date: 09 February 2006
Sekunjalo acquires FIOS - expects significant growth in its IT subsidiary
Sekunjalo Investments Limited, the JSE-listed BEE investment company, today
announced it will acquire FIOS (Pty) Ltd, an IT systems company, for a maximum
of R 17,3 million. The acquisition will occur in three tranches, with 51%
acquired effective from 01 September 2005, a further 25% in September 2006 and
the final 24% in September 2007.
Deputy chief executive of Sekunjalo, Norman Noland, who recently took over
executive responsibility for Sekunjalo"s investments, said the acquisition would
be funded by cash or the issue of Sekunjalo shares against warranted revenue and
profit performance.
"FIOS meets our exacting criteria for acquisitions, namely it has strong cash
flow generation, excellent corporate governance and strong management ability
and focus," Noland said.
He said FIOS will become part of Sekunjalo Informatics and Telecommunications
Africa (Pty) Ltd (SITCA) where it will complement and leverage off SITCA"s
Synergy Computing, a specialist business intelligence company.
Noland said the acquisition strengthens SITCA"s strategy to expand its interests
in the growing corporate performance management solutions (CPM) market.
FIOS is the only value added reseller of Cognos Enterprise Planning (CEP) and
Cognos Controller in Southern Africa. Cognos is listed on NASDAQ and its
systems are used globally by governments and companies to create efficiencies,
with notable success in Canada, California and Europe.
The CEP software together with FIOS"s skilled and experienced staff provide the
essential financial planning element to corporate performance management
solutions, thereby complementing the understand and monitoring elements already
provided by SITCA. It is anticipated that FIOS will add significant value to
SITCA"s large established base of customers.
Noland said SITCA was now in a position to offer an unrivalled service to
national, provincial and local government administrations in addition to its 350
blue-chip private sector clients. He said FIOS had already benefited from the
empowerment credentials of Sekunjalo by recently being awarded a large contract
by a major South African bank.
Founded in 2002, FIOS"s focus and knowledge of the market has resulted in a
sustained growth in excess of 100% per annum making them a profitable, cash
positive company.
SITCA is a wholly owned subsidiary of Sekunjalo Investments Limited, which
focuses on the provision of complete ICT solutions to business and governments
in South Africa and the rest of the continent.
Ends
Prepared by: Bruce Hetherington
Beachhead Media & Investor Relations
(021) 487 9000
082 458 2199
On behalf of: Sekunjalo Investments
Contact: Norman Noland
Deputy CEO
Sekunjalo Investments
(021) 702 7700
Johan van Jaarsveld
Managing Director
FIOS
083 554 3358
Date: 09/02/2006 04:12:03 PM Produced by the JSE SENS Department
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