Company Data
| Last traded |
R0.75 |
| Change |
R0.00 |
| % Change |
0.00% |
| Cumulative volume |
26,300 |
| Market cap |
R367.00m |
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Cape Town - In what might be a further re-shaping of Sekunjalo Investments' [JSE:SKJ] operational structure, the Cape-based black economic empowerment company will reverse its controlling stake in First Light Administration Services (FLAS) into the ICC shell (a shell company currently suspended on the JSE).
On Tuesday Sekunjalo, fresh from securing a strategic investment in Saab SA, announced it had accepted a R12.3m scrip offer from ICC.
ICC will acquire Sekunjalo's 50.3% stake in ordinary FLAS shares as well as the empowerment company's "B" preference shares in FLAS.
FLAS is a retirement fund administrator, and forms part of Sekunjalo's small financial services offering.
Sekunjalo's financial services division generated revenues of R9m in the half-year to end-February 2010, but operated at a loss of R4.3m. The carrying value of all Sekunjalo's financial services interests was R24.5m as at the end of February this year.
Sekunjalo had indicated previously that the financial service businesses would be restructured, and recently a number of controlling interests have been reduced to passive investments.
Sekunjalo said on Tuesday that the FLAS deal was in line with current business strategy and would "potentially unlock value in the long term".
The settlement of the transaction - which also includes a loan account of R4.3m attributable to Sekunjalo - involves the issue of new ICC shares at 3 cents per share.
ICC held a market capitalisation of just R3.5m when it was suspended in August 2008.
ICC, which was initially involved in (unprofitable) Pan African trade finance, saw a change of control in November last year when Georgia-based Atlanta Eagle Investments bought 74 million shares and shareholder loan accounts of R6.5m from the South African Enterprise Development Fund for R1m.
- Fin24.com