During a general meeting of Billcad shareholders that took place earlier today, the company`s shareholders approved the sale of two of its divisions for the amount of R85 million.
Billcad, a listed IT company, recently changed the focus of its activities to concentrate on the provision of business solutions via the Internet, using central server "thin client" technology.
This strategy change resulted in the disposal of divisions not aligned to the new philosophy. The construction division, as well as Billtech, the holding company for two subsidiaries concentrating on computer automation and control systems, were sold to Orbes Solutions. Orbes Solutions intends to list on the Johannesburg Stock Exchange at the end of October 1999.
The Billcad board of directors expects an improvement in the focus of the company after the sale of the above-mentioned divisions. In terms of the agreement an amount of R25,2 million will be payable in cash or Orbes shares by 28 February 2000.
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