Radiospoor Technology Holdings will increase its holding in Control Instruments subsidiary Matrix from 47.5% to 90% for an undisclosed amount.
In late June, Radiospoor announced that it would acquire the remaining15.9% of shares held by minority shareholders and would then exit the JSE.
It cited a lack of critical mass, the unpredictable nature of future earnings and an inability to raise additional capital from institutional investors as reasons for its decision.
Over 18 months Radiospoor sold off or discontinued businesses making up its IT division, leaving only its prepaid cellular business and its stake in Matrix.
Control Instruments hinted at a separate listing for Matrix with the release of its year-end results in March. However, the company was unable to comment on the new deal today as it is in a closed period while it prepares its interim results.
Radiospoor was as tight-lipped, with a company spokesman saying details of the transaction would be made available in the near future.
News of the deal had no impact on the Radiospoor share price and by noon today the counter remained unchanged at 44c. Control Instruments gained 1c to trade at 106c.
Related stories:
Offer to buy out Radiospoor minorities
CI looks to list GSM division
Share