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Altech gets $87.5m from Econet

Cape Town - Allied Technologies (Altech, ALT) said on Tuesday it had received a cash payment of US$87.5m from Econet Wireless in terms of the settlement agreement between the two companies.

Altech and Econet Wireless shareholders originally unveiled the agreement on August 31, in which Econet agreed to pay Altech $87.5m to repurchase the 50% stake in Econet's cellular network business Altech had originally bought for $70m in late 2004.

The move avoided a costly court battle over the disbandment of the joint venture.

Altech said on Tuesday that, on top of the full payment, it had also received interest of $174,194, as specific in the settlement agreement.

Accordingly, the settlement agreement had been implemented and Altech had disposed of its interests in Econet Wireless with effect from September 1.

All disputes and claims between the parties had been settled.

The group said it would continue to pursue its existing acquisition and investment strategy, which could include developing interests in mobile network operating activities in Africa and elsewhere.

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