Altech realigns East African network with Liquid Telecommunications
Jan 31, 2013 (Datamonitor via COMTEX) --
The Altech Group has concluded the realignment of its East African network interests by injecting them into a strategic partnership with Liquid Telecommunications Holdings, a telecommunications group operating in southern Africa.
Altech Group CEO, Craig Venter believes that the realignment has substantial benefits for Altech. "As shareholders are aware, our East African activities have, in recent years been problematic and unprofitable, and we have previously expressed our intention to deal effectively with these challenges. The Liquid transaction opens up a positive new chapter for Altech, in partnership with a group with proven expertise in its sector."
Certain of Altech's activities in the Multimedia sector will benefit from the enlarged Liquid group as it extends its reach into this wider mass communication market, involving converged internet, VOIP, IPTV and video-on-demand services in high growth African markets.
Altech will contribute its majority interests in Altech East Africa on a net debt-free and cash-free basis, as well as subscribe and pay US$16.5m for new shares in Liquid, to give it an initial 8.6% equity stake in the company, with shareholder voting rights of 10%, and the potential to further increase the shareholding in Liquid in the future. Altech will also, for as long as it holds at least 5% of the issued share capital of Liquid, be entitled to one director on the board of Liquid.
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