The tech group disposes of Software Group Companies for R501.9m to boost its empowerment credentials
Technology group Sebata on Tuesday announced the sale of a majority stake in its Software Group Companies subsidiary for R501.9m to Inzalo Capital Holdings in a bid to improve its empowerment credentials.Software Group Companies, which is made up of Sebata Municipal Solutions, R-Data and MICROmega Accounting and Professional Services , which are all wholly owned subsidiaries of the company.
“The Software Group Companies are presently experiencing significant difficulty in attracting new customers and retaining existing customers as a result of their unacceptable empowerment status,” Sebata said. The audited value of the net assets of the Software Group Companies as of March 2019 is R274.3m, said Sebata, with profit after tax for the companies at R58.9m for the period to March 2019.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Facebook exec wants firms to be able to pressure bosses to fight climate changeEmployees at tech firms have objected to selling cloud services to Big Oil, Bill Weihl says
Read more »
Asia shares halt fall as traders await clarity on virus outbreakShare slide goes on pause after the wave of early selling peters out
Read more »
Shoprite and Equites start R4.1bn joint ventureRetailer will transfer a distribution centre and land to the deal with the property fund
Read more »
Umhlanga to get more homes after Tongaat sells propertyBuyer Balwin Properties is likely to begin building 335 residential properties immediately
Read more »
AECI increases dividend after selling chemicals stakeThe chemicals and explosive group reported rising revenue in its business and says it benefited from a profit on the sale of a joint venture
Read more »