Zaptronix has sold some of its plant and equipment which formed part of its troubled "old commerce" business.
Zaptronix closed down its "old commerce" business, which involved the specialised outsource manufacture of electronic assemblies in Pinetown, after deciding to focus on the further development and commercialisation of various electronic payment solutions.
The group reported a net loss of R4.9 million for the six months to end-October 2001, a period in which Zaptronix still held the "old commerce" business.
The figure compared with a net loss of R1.4 million for the same six months a year before.
CEO John Heath said the sale of the "old commerce" assets would be used to fund the group`s "new economy" business.
A portion of the assets has been sold for R2.06 million in cash to various non-related vendors and the company says it will continue to dispose of the remainder of the assets in the near term.
The disposal is subject to regulatory approval. Had it been carried out with effect from 1 May last year, the deal would have had the effect of decreasing the headline loss per share for the six months to October to 1.95c from the previously reported 3.37c.
The tangible net asset value of 15.39c per share would have been 7.7% lower than the reported 15.39c per share for the period.
The Zaptronix share was untraded at 3c on the JSE early this morning.
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