AltX-listed Xantium Technology Holdings has issued an update on the acquisition of Simeka Consulting and Sifikile Procurement Services.
Following sharply on the heels of several other acquisitions, Xantium is buying management consultancy Simeka Consulting for R33.9 million and infrastructure management firm Sifikile Procurement Services for R64.5 million.
The latest deals will bring its broad-based empowerment ownership from 34.5% to more than 50%.
In a statement issued on the Stock Exchange News Service today, Xantium says the due diligence investigation and acquisition of Simeka Consulting have been satisfactorily concluded.
This is subject to the approval of the competition authorities, the conclusion of employment and restraint of trade agreements by key executives of Simeka Consulting, and the consent of all counter-parties to the transfer of all key business contracts to Xantium or implementation of alternative arrangements to the satisfaction of Xantium.
Xantium notes that it intends changing Simeka Consulting`s name to Simeka Technology Holdings Limited.
On the implementation date, Sifikile director Robinson Ramaite and Simeka CEO Barry Fraser will be appointed as non-executive directors and Simeka MD Kamal Ramsingh will be appointed as an executive director of Xantium.
The due diligence investigation of Sifikele is still under way.
In addition, Xantium advised it has entered into more acquisition negotiations.
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