Johannesburg - Information and communications technology
company Business Connexion Group [JSE:BCX] said on Wednesday it had entered into an
agreement with VeriFone Singapore for the sale of its 70% stake in Destiny
E-Commerce for R255m.
VeriFone Singapore is an indirect subsidiary of VeriFone
System, an American public company listed on the New York Stock Exchange.
Earlier this month, Business Connexion concluded the
acquisition of five companies from UCS Group, which included Destiny.
Destiny is a VeriFone International Partner for VeriFone
payment systems in sub-Saharan Africa, and has sale and distribution rights for
such terminals in the territory.
The group provides software for payment systems. VeriFone
had looked to establish a business in Africa and had identified Destiny as part
of its Africa strategy.
"Business Connexion is of the opinion that it is in Business Connexion's shareholders' best interest to dispose of Destiny, given that VeriFone is the sole the supplier of the payment devices represented by Destiny," it said.