CS Holdings (CSH) CEO Dave Vink has denied claims that his company could soon close one of its business divisions.
His comment comes in the wake of rumours that the CSH group could close its Bid division and retrench the division`s employees.
"There is some staff rationalisation taking place at the moment but it is not enough to affect entire divisions. It amounts to less than 10% of the group`s entire staff complement," says Vink.
He says the rationalisations are not linked to the imminent deal with the Bytes Technologies Group (BTG).
"We are unable to make any major changes at the company until the BTG deal is approved by the competition commission. Of course, we have been affected by recent circumstances," adds Vink.
Meanwhile, further to the joint announcements released by the companies, BTG says it has now received undertakings to accept the proposed offer from CSH shareholders, including all of the major shareholders in CSH, holding in excess of 86% of the issued share capital of CSH.
The formal offer document, as required in terms of the securities regulation code, is being prepared and will be sent to CSH shareholders shortly.
In the mean time, CSH remains under a cautionary announcement and accordingly, CSH shareholders are advised to continue to exercise caution when dealing in their shares until a further announcement is made.
BTG and CSH shareholders will be advised of further developments as they occur.
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