Poynting: Aucom acquired in R49.5m takeover

Poynting, the largest wireless antenna designer and manufacturer in the country, had acquired African Union Communications (Aucom) for R49.5 million in a deal that would enable it to sell into the African market for the first time, the AltX-listed firm said yesterday. “This is Poynting’s first major deal since listing and we anticipate that it will more than double the company’s turnover,” chairman Coen Bester said. The deal was funded through the issue of 66 million shares to Aucom in a ceremony on Tuesday. Pretoria-based Aucom provides systems integration and implementation and commissioning services to the broadcast and telecoms industry in and outside the country. Chief executive André Fourie said it could increase the distribution of its digital television products via third-party service providers into previously untapped African consumer markets where Aucom was already active. Poynting gained 3.77 percent to R3.30 yesterday. – Asha Speckman