Following an announcement on 1 March 2007, in which Trematon advised its shareholders it had disposed of a portion of its shareholding in Intec Telecom Systems, the company has now disposed of the remainder of its shares.
The 5 216 979 Intec shares, for a total consideration of R31.4 million, were disposed of on the open market over the period of 11 May to 6 June.
The company says the disposal proceeds will be remitted to SA and applied by the company towards other investments which are able to generate superior returns. Following completion of the disposal and the remittance of the disposal proceeds to SA, Trematon will have a net cash balance of more than R50 million.
"Trematon has been a long-term and supportive shareholder, but in recent periods has been reducing its holding in Intec to quite low levels, in favour, I understand, of local investments," says Andrew Rodaway, marketing director of Intec.
He says while Intec is sorry to see Trematon leave the register, the company has many other large shareholders, and it does not see it as a material development.
Looking to the future, Rodaway says Intec continues to be a successful player in the BSS/OSS market and retains a strong presence in Africa, in terms of both staff, in its large Cape Town office, and high-profile customers in the region, including Telkom, Cell C and MTN.
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