Interconnective Solutions has resumed its search for a black economic empowerment (BEE) partner after an earlier deal was terminated.
"Despite agreement being reached with a black empowerment company, that company was unable to meet its financial obligations and the agreement was automatically terminated," says CEO Mark Smith.
"The group continues to look for a suitable BEE partner to further enhance its BEE status, which will be in addition to the empowerment shareholders that currently own approximately 14% of the issued shares."
This morning the group released its results for the six months to 31 December, showing headline earnings of R467 000 and a net profit of R331 000. This was on turnover of R13.52 million.
Smith says the group ran the Telkom Charity Cup voting lines during the six months, as well as the Idols lines, which enhanced volumes.
Due to a change in year-end, the figures are not directly comparable with the previous reported interim period - the six months to 31 October 2002. Turnover for that period was R7.9 million.
The group recently refocused its business, transforming itself into a telecommunications service provider focusing on "infotainment" services and information exchange services. The African services extract intellectual assets and commercial products from the other two areas and focus on launching services into African countries.
Smith says the integration of Telemessage has been completed, positioning the group to be the largest premium-rate service provider for MTN and Telkom.
"The group is currently concluding a contractual relationship with Cell C, whereafter it will have service provider agreements with Telkom, Vodacom, MTN and Cell C, and operate as an independent platform to all networks."
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