|
ALT
ALT
ALT - Allied Technologies Limited - Altech acquires minority interest in
Altech Namitech
PRESS RELEASE
Allied Technologies Limited
Member of the Altron Group
Incorporated in the Republic of South Africa
(Registration number: 1946/020415/07)
Share code: ALT
ISIN number: ZAE000015251
PRESS RELEASE: Altech acquires minority interest in Altech Namitech
Allied Technologies Limited ("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, commented "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 always been technology transfer from one of the world`s
premier smartcard companies 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 their destiny".
"Altech Namitech have successfully launched its operations in Nigeria West
Africa and currently supply in excess of 55 million cellular pre pay top up
vouchers a month to 5 major cellular network operators and other customers
" Venter further commented .
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".
All of the conditions precedent to the transaction have been fulfilled by
31 January 2007, as required. Accordingly the transaction has taken effect
on the 31 December 2006
For further information please contact:
John Regan
Group Executive: Marketing
(011) 715 9000 / 084 800 8008
Contact at G&D
Vera Schuh, Press Manager
+49 89 4119-2985
Mail: vera.schuh@gi-de.com
Date: 13/03/2007 16:15:08 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
