Altech boosted by east African news

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CorporateBusiness

Johannesburg - Shares in tech firm Altech rise 1.2 percent to 41 rand on news it is handing over its underperforming eastern African assets to Liquid Telecommunications in exchange for an 8.6 percent shareholding in the Zimbabwean firm.

The deal also includes a share subscription worth $16.5 million in Liquid, which is majority owned by Econet Wireless.

Altech has several network and Internet service provider operations in Kenya and Rwanda. It sold its 75 percent stake in a western African unit last year as the business had been haemorrhaging money for 18 months. - Reuters


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