Simeka BSG, which until this week was known as Xantium Technology Holdings, has received Competition Commission approval for the merger with MICT Solutions Group and the acquisition of Simeka Consulting.
The Simeka acquisition was first announced in September last year, when the then Xantium said it would pay a maximum of R33.9 million for the company.
Originally announced in October, the MICT acquisition carried a R78 million price tag. Also linked to that deal was the acquisition of 100% of Motoma Mithratech for a maximum of R18 million based on an earn-out formula.
Simeka BSG says in a notice issued on the JSE's announcement service, SENS, that the Competition Commission approval includes the Motoma Mithratech acquisition.
The group adds that the approval means not only that the acquisitions will now be implemented, but that the board appointments approved by shareholders last month can also now go ahead, as these were subject to the implementation of the acquisitions.
The appointments saw Mohammed Varachia, Surendranath Singh, Madoda Papiyana and Kamal Ramsingh being named as executive directors, while Robinson Ramaite, Barry Fraser and Tozamile Botha were named non-executive directors.
Simeka BSG has also renewed a cautionary notice relating to the proposed acquisition of Sifikile Procurement Services, announced in November last year.
The Simeka BSG share, listed on the JSE's AltX, was trading unchanged at 51c early this afternoon.
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