SA Black Economic Empowerment Consortium bids for a stake in WirelessG

Wi-Fi services company WirelessG has announced a South African Black Economic Empowerment (BEE) consortium, Mightycare Mosegedi, are to buy a 26 percent stake in mother company G-Mobile Holdings.

The agreement has been signed on a discounted basis, with the total stake value amounting to R48.5 million (US$5.5 million), though it will only go through once a dispute with Vodacom is resolved.

A WirelessG press statement revealed: “Mightycare Mosegedi is represented by well-known corporate profiles within the telecommunications market.”

Despite the consortium reported to be aware of the ongoing and much publicised dispute between WirelessG and Vodacom, the company said a resolution of the dispute is part of the conditions that need to be met before the transaction can go ahead.

WirelessG said “However, they remain confident in the decision to invest due to the large business potential contained within the shareholders agreement between WirelessG and Vodacom,”

Carel van der Merwe, WirelessG Chief Executive, said: “With the in-depth knowledge and experience Mightycare Mosegedi holds, we view them as the best possible candidate to pursue our strategic objectives.”

No details regarding the consortium were released with regards to the individuals or organisations that make it up.

Posted in: Internet

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