MGX Holdings and subsidiary MGX Holdings UK are selling their combined 80.4% stake in Didata UK for lb3 million.
Didata UK is a document management company not to be confused with Johannesburg- and London-listed Dimension Data.
The buyer is Copia Capital Partners, a private investment partnership founded in March 2001.
MGX says the proceeds will be used to settle a R20 million interest-bearing loan from the South African Private Equity Trust III and Capital Africa, as well as the interest-bearing debt to Standard Bank.
The group said in November that it was restructuring its debt and its operations and planned to delist from the JSE.
A high debt burden, deteriorating trading performance and legal disputes brought MGX to near collapse last year, but this was averted through the support of a consortium of the group`s bankers.
Once the operational restructuring is complete, MGX will be left with only its Metrofile subsidiary.
Last month, the majority of MGX`s creditors agreed to accept convertible loan notes in settlement of claims against the group.
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