In another twist involving the public protector’s office‚ the Minister of Co-operative Governance an.
The ALTX-listed telecommunications group, TeleMasters, has entered into an agreement to acquire 100percent of the shares in Marketel for R29,56million, it announced yesterday.
Marketel holds an Independent Communications Authority of South Africa VANS licence and is a dominant player in the interactive wireless application service provision (WASP) market.
It is one of South Africa's longest-running WASPs.
TeleMasters and Daisy Street, the 100percent holding company of Marketel, have agreed that TeleMasters will acquire all of Daisy Street's shares in and claims against Marketel, subject to certain conditions.
However, Daisy Street has warranted that the profit after tax of Marketel will be no less than R6million per 12-month period over the next 36 months.
"Should the profits not be achieved, then the purchase consideration shall be adjusted proportionally and a portion of the shares issued shall be adjusted and the cash payments received by Daisy Street be refunded in part or in total to TeleMasters," TeleMasters said.
"The deal is in line with the group's growth and diversification strategy.
"This transaction serves as a first step in the development of TeleMasters into a multidisciplinary communications management company, specialising in utilising and implementing the most efficient and cost-effective communications methods to satisfy customer communication needs." - I-Net Bridge