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JOHANNESBURG - South Africa’s Sagarmatha Technologies Ltd pushed back the announcement of its private placement results, which had been set for Friday, and also said it would now list on the JSE on April 13 and not April 11 as previously stated.

"The reason for the amendments to the salient dates and times relating to the listing is due to a request from potential investors to extend the closing date of the private placement," it said in a statement. 

The company said it would announce results of the private placement on Wednesday, April 11.

The company, in which Sekunjalo Investments, owned by businessman Dr. Iqbal Surve is the main shareholder, said last month it aimed to raise R7.5 billion in a private placement of up to 189 million shares.

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Investors will include Quantum Fund co-founder Jim Rogers and founder of U.S investment bank Doley Securities Harold Doley.

The anticipated market capitalisation of the company will be approximately R49.7 billion, based on more than 1.2 billion shares in issue at a placement price of R39.62 per private placement share.

The JSE has granted Sagarmatha Technologies approval for a listing of up to 1, 214, 718, 441 shares in the media sector on its main board.

Sagarmatha Technologies is an integrated African technology platform group with has said it aims to become the African leader in e-commerce, digital media and syndicated content and technology.

It currently owns 95 percent of African News Agency, 83.3 percent of general merchandise online retailer Loot, 60 percent of IOL Property JV, an online classifieds business specialising in property and fully owns online news business Independent Online as well as Sagarmatha Enterprise Solutions.

The company aims to use the proceeds from the private placement for working capital, in particular, the roll-out of three additional regional offices in Africa, to finance the growth of Sagarmatha Technologies’ existing platforms and those still to be established, to finance the acquisition of complementary businesses and platforms and to settle outstanding group debt.

- African News Agency