Safika Holdings has acquired a 20% stake in African Resonance, with the transaction resulting in Safika taking a 15% stake in Uplink, African Resonance's sister company, as part of the deal.
Safika Holdings executive chairman Moss Ngoasheng says this gives Safika an option to increase its shareholding by another 20% within the next 12 months for an undisclosed sum.
He says the transaction will allow his company to participate in the fast-growing market for privately distributed payment terminals, as well as look for new business opportunities for Safika in related sectors.
"As shareholders in Africa Resonance, we are certain to add value to their business, provide it with a platform to grow in this sector of the market, create jobs and generally contribute to the economy," says Ngoasheng.
Founder and owner of African Resonance, Hanoch Neishlos, says the company's ambition is to become the leading supplier of payment terminals in SA, and to offer clients innovative new products to sell off these terminals.
"The deal means a whole lot more than us becoming a black-empowered company. With Safika on board, we certainly believe we can meet this ambition, as they bring their insight of the South African economy," says Neishlos.
"African Resonance owns the rights to distribute Ingenico payment terminals to merchants, and enables them to manage all their electronic transactions either by smart or magnetic strip cards."
Neishlos says Ingenico is listed on the Paris Stock Exchange and has about 7.5 million terminals installed in over 80 countries, and delivers 1.5 million payment terminals worldwide.
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