A change of identity failed to generate interest in the stock of the former Y2KTec in the JSE`s venture capital market this morning.
Y2KTec`s name was changed to CCI Holdings and the stock began trading under the abbreviated name CCG on the JSE this morning.
The name change resulted from the acquisition of Coetser Craddock International, paid for through the issue of 225 million ordinary shares at an issue price of 2c each.
The company is to continue operating the business as a payroll software vendor and will retain the payroll administration software package, Payslyp.
CCI provides a range of professional business services to mainly the small and medium enterprise sector. Its services include monthly accounting, administration and IT, payroll and pension administration, company secretarial, taxation compliance, business consulting and sourcing of finance.
The company has also acquired payroll service company CCI Integrated Administrators.
Before the CCI acquisition, Y2KTec had planned to sell its remaining operating subsidiary Nomalanga Trading Enterprise for R500 000, and become a cash company.
The decision was cancelled shortly before the CCI deal was announced in August. Shareholders approved the deal last month.
The name change has failed to generate any interest on the JSE, with the share untraded at 3c by late morning.
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