Micromega Holdings: Stake bought in water meter firm

Micromega Holdings had bought an 83 percent interest in USC Metering for R58 million in cash and shares, JSE-listed Micromega said on Friday. The acquisition of the Durban-based water management systems firm would enable Micromega to expand its product range and allow for real time monitoring, on-off switching capability, automated meter reading and the ability to provide an integrated demand management capability for municipalities, the firm said. Technology developed by Micromega complemented USC’s prepaid metering devices and would make Micromega “pioneers of bidirectional communication between municipalities and their consumers and will eliminate billing problems”, Micromega chairman Dave King said. Micromega shares closed unchanged at R8.80. – Asha Speckman