• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Altech drops bid for Kenyan IT firm

Nov 09 2011 10:11 Reuters

Related Articles

Altech may acquire Kenyan firm - source

Altech up on higher earnings forecast

Altech buys mobile money firm

Altech posts lower profit

Altech units get BEE partner

Altech cleans house at struggling unit

 

Johannesburg - South Africa’s Allied Technologies [JSE:ALT] said on Wednesday it is no longer in talks to acquire unlisted Kenyan IT firm Symphony, a deal Reuters previously reported could be worth up to $60m.

Altech, a $742m telecoms and IT firm, had been in talks to acquire Symphony and was nearing the end of its due diligence, Reuters reported last week, citing a person familiar with the matter.

“Altech was in discussions with the Da Gama Rose Group, the 100% shareholders in Symphony, an unlisted Kenyan IT firm. Altech has informed the Da Gama Rose Group that it will not progress with further discussions,” Altech said in a statement.

The company did not give a reason why the talks had been dropped. The Da Gama Rose Group is led by prominent Kenyan businessman Horatius da Gama Rose.

Shares in Altech were little changed at R52.75, in line with the broader JSE All Share [JSE:J203] index.

 
allied technologies
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Fewer high-risk election areas - Mthethwa

There are fewer high-risk election areas this year compared to past elections, Police Minister Nathi Mthethwa has said while visiting Manenberg in Cape Town.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...