Temenos sale to go ahead

By Iain Scott for Global Technology
Johannesburg, 27 Aug 2003

Global Technology (Glotec) is going ahead with the disposal of its shares in Temenos to Swiss bank Julius Baer for R51.68 million.

Shareholders at Glotec`s annual meeting yesterday ratified and approved the disposal of the group`s 4.2 million shares in Temenos, a Swiss-listed banking software group.

Zurich-headquartered Julius Baer Group provides asset management services and investment counselling for private and institutional investors, and the group has assets under management worth more than 106 billion Swiss francs.

Its market capitalisation is about 3.14 billion francs.

Glotec announced its proposal to sell its Temenos stake in May, with the aim of reducing the group`s debt levels and restructuring the balance sheet. At that time it said the shares were being sold to various international institutions.

Since then it also disposed of four other subsidiaries to a consortium including former Glotec CEO Ray Leonard.

Glotec, which warned last month that it would report significant losses for the year to end-June, is still trading under a cautionary notice that indicates the group is still in talks that may affect its share price.

The Glotec share price was unchanged at 5c on the JSE this morning.