Prism has warned investors that it has signed binding heads of agreement for a non-listed black empowerment group to acquire a "significant, non-controlling shareholding" in Prism Payment Technologies, the wholly owned subsidiary which houses Prism`s local operations.
The agreement also allows for the empowerment group to convert its shareholding into ordinary Prism shares at an agreed upon ratio after a specific period of time.
Prism recently restructured, grouping all non-South African holdings and operations under a single international holding company in an effort to accelerate the roll-out of its globalisation strategy.
The international holding company, which in turn is wholly owned by JSE-listed Prism Holdings, incorporates operations in SE Asia, the UK and Europe, Africa and the Middle East.
Collectively, the international operations accounted for 62% of Prism`s R314.6 million revenue for the 2001 financial year.
At the time of the restructuring, Prism CEO Alvin Els said the company had plans to secure foreign investment for the new international entity during the current financial year in an effort to accelerate its globalisation plans.
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