MGX has sold 25% of Metrofile to Mineworkers Investment Company (MIC) at a nominal price of R25 000.
MIC, a wholly owned subsidiary of the Mineworkers Investment Trust, is a broad-based empowerment investment company.
The price is a nominal one, taking into account that Metrofile had a net asset value of negative R7.8 million on 30 June, calculated after including R187.8 million of trademarks and goodwill. Interest-bearing debt was R358 million.
Metrofile inherited the debt from its parent company after MGX underwent a significant restructuring that included disposing of all its operations with the exception of Metrofile.
MGX says MIC is prepared to invest considerable time and effort in growing Metrofile`s business.
Metrofile has until now been precluded from tendering for business from government and parastatals.
MGX says MIC will be involved in assisting Metrofile with all matters that may help it retain and grow its corporate customer base and increase its business from government and parastatals in SA and later in other African countries.
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