Allied Electronics (Altron)-owned telecoms and IT solutions group Altech has announced plans to purchase the remaining 50 per cent minus one ordinary share in subsidiary Altech NuPay.
Altech announced its intent to shareholders to purchase the remaining shares from Itas Services Proprietary Limited for ZAR80 million (US$7.7 million).
Altech acquired a controlling 50 per cent share of NuPay – which was founded in 1999 and provides solutions for payment and collections that focus on collection transactions from multiple sources – in 2009.
“NuPay and Altech Card Solutions, will shortly be integrated with the Bytes Secure Transaction Solutions business, within the Altron TMT sub-group of Altron,” Altech said.
However, the company said it does not expect significant gains from the acquisition.
“The settlement of the Purchase Consideration is not expected to have a significant effect (i.e.less than 3 per cent) on Altron’s earnings, headline earnings, adjusted headline earnings and net asset value per share.”
HumanIPO reported in February Altech had been awarded a US$108 million for the construction and operation of a Gauteng province-wide broadband network.
