JSE-listed InfoWave is looking to change its name to AdaptIT Holdings Limited.
The move follows last year's announcement of an R11.7 million deal with Sbu Shabalala. The agreement saw the company acquire Shabalala's 100% equity in Microzone Investment Holdings and his 7.5% direct interest in ApplyIT. Microzone holds a 67% interest in Adapt-IT and a 70% interest in Isizinda Consulting.
As a result, InfoWave's interest in Adapt-IT, ApplyIT and Isizinda rose to 100%, 74.4% and 70%, respectively.
The transaction also sees CEO Tiffany Dunsdon step down to make way at the top for Shabalala. Dunsdon will become commercial director, says InfoWave.
In a notice to shareholders yesterday, the company outlined the timeline for the proposed name change.
A general meeting to allow shareholders' approval of the name change is scheduled for 31 January. Should this vote be successful, the company hopes to begin trading under the name AdaptIT on 3 March.
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