assets from one group company to another as part of its restructuring plan.
The JSE-listed company told shareholders yesterday it was simplifying its group structure and was selling assets belonging to wholly-owned subsidiary Business Connexion Technology Holdings to Business Connexion (Pty) Limited.
The Pty is 79.99%-owned by the listed entity, with the remaining 20.01% held by its empowerment partner Gadlex.
BCX says the assets to be sold are Nanoteq and the two data centre buildings in Midridge Park, Midrand.
Nanoteq supplies high-grade cryptographic security products and solutions. Due to the specialist nature of cryptographic security and the limited size of the market, Nanoteq's biggest revenue driver is government spend in this sector.
Nanoteq will be sold for R35.5 million and the two data centre buildings for R132.4 million, which is at market value as determined by independent valuators. The proceeds will be used to settle existing inter-group loan accounts.
Related story:
BCX bounces back
Share
