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Allied Technologies East African operations sold to Liquid

January 29 2013 at 08:00am

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Allied Technologies (Altech) had disposed of its loss-making east African operations to Liquid Telecommunications, the listed technology group said yesterday. Altech would become a minority shareholder in Liquid by subscribing for additional new shares for about $16.5 million (R147.5m). Altech would hold an initial 8.6 percent and 10 percent of shareholder voting rights. It would be allowed to appoint one director to Liquid’s board. However, Altech would not be entitled to receive any dividends for 18 months after the transaction becomes effective. Liquid’s controlling shareholders would allow Altech to increase its stake in future, to enhance their strategic partnership. The transaction is still subject to approval. Altech shares rose 0.75 percent to close at R40.50 yesterday. – Asha Speckman


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