Usko shareholders have given their blessing to the restructured Bytes Technology as well as the issue of an additional 2.467 billion shares to complete the transformation and acquisitions.
At a general meeting held on Friday, Usko shareholders agreed to the acquisition of National Data Systems, a division of parent company Fintech; 50% less one share of the share capital of Alcatel Business Systems; and 49.99% of the share capital of Xerox SA, both of which also fell under the Fintech umbrella.
In October 1999, Altron acquired 20.1% of the UK technology company Bytes Technology Group. This shareholding will also fall under the new Usko.
An additional 2.467 billion Usko shares will be issued onto the JSE today to facilitate the acquisitions and transformation.
Usko management says the medium to longer term prospects of the group are promising. In the shorter term, management says certain sectors of the business will continue to require investment and rationalisation.
A return to profitability on a monthly basis is being touted for the end of the current financial year.
Speaking at the recent re-launch of parent company Altron, Usko chairman David Redshaw said he expected further international growth through its UK interests and hinted at a future offshore listing.
The JSE has agreed to change the company`s name to Bytes Technology from Monday, 26 March.
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