CoroCapital has finished its due diligence of ContinuitySA and a sale agreement has been signed, says Dialogue Group Holdings.
The company will gain R35 million on the deal after CoroCapital buys 49% and Continuity Investment Trust buys 2%. CoroCapital is an investment banking firm focusing on unlisted and listed equity opportunities.
Dialogue bought its 51% stake in ContinuitySA in the middle of 2007 for a maximum amount of R41 million. ContinuitySA provides business continuity and disaster management services, with operations in SA, Botswana, Mauritius and Mozambique.
Michael Davies, ContinuitySA FD, says the company “has remained profitable during the turbulent and recessionary times of 2008 and 2009, and continues to be profitable in 2010”.
The deal is still subject to conditions such as JSE, Securities Regulation Panel and Competition Commission approval.
Related story:
Dialogue sells out of ContinuitySA
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