Comparex Holdings has disposed of the remaining 16.6 million Dimension Data shares it held from the proceeds of the sale of its European network business.
The proceeds of the disposal amount to about R714 million, an average price of R43.01 per Dimension Data share.
The Dimension Data share lost more than 4% yesterday to close at R35.60, on the back of its potential bidding war with Compaq over US-based Proxicom.
Compaq has remained silent on Dimension Data`s counteroffer for Proxicom.
"The sale of our European network business to Dimension Data more than a year ago yielded some 250 million Dimensions Data shares," says Comparex CEO Rian du Plessis.
"We distributed 203.4 million of these DiData shares to our shareholders in a deal pronounced as SA`s largest single return to shareholders - valued at more than R12 billion at the time."
The group disposed of a further 30 million shares in its half-year to November 2000.
The remaining 16.6 million shares were sold on the open market between 1 December last year and 7 May this year.
"In total we realised more than R2.4 billion for our 46.6 million shares, which translates to an average price of R52.21," says Du Plessis.
He adds that the proceeds will be used to further the group`s expansion. Comparex is also continuing with the repurchase of its own shares, announced earlier this year.
Comparex shareholders granted the group`s directors a general authority in October last year to repurchase up to 20% of the issued share capital.
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