Sekunjalo’s AEEI denies BTSA option to terminate relationship
Sekunjalo Group-owned African Equity Empowerment Investments (AEEI) has denied British Telecoms SA’s (BTSA’s) call option to terminate its commercial relationship with the company.
The JSE-listed AEEI is an indirect shareholder in BTSA, through its 100% shareholding in Kilomix Investments, which owns 30% of BTSA.
Last week, BTSA dropped a bombshell that the relationship had soured and it was left with no option but to end the partnership.
“BT has made a decision to terminate its relationship with the Sekunjalo Group in South Africa. Further, BT has also corrected the misrepresentation of facts to the Standing Committee on Finance made by representatives of the Sekunjalo Group and initiated the process of terminating its relationship with the Sekunjalo Group. BT will be exploring alternative options to meet its BEE obligations,” said the company.
In response today, AEEI says it has been a shareholder of BTSA since 2008 and has played an important role in BTSA having and maintaining its ICASA licence.
“We have also enjoyed an excellent relationship with BTSA during this time. BTSA has engaged with AEEI and other members of the Sekunjalo Group and on an SLA basis with other subsidiaries within the greater group.
“AEEI has today accordingly informed BT that it denies that the call option is capable of being exercised.”
The company says it will make no further media statements on this investment and will deal with the BTSA shareholding through its board of directors on BTSA and with its co-shareholder British Telecom.