Altech has issued a cautionary announcement to its shareholders with regard to its Botswana high court application to wind up Econet Wireless Global (EWG).
According to the announcement, the other shareholders of EWG approached Altech with a view to settling the matter.
In the past few weeks, Altech and EWG have reached an impasse over the dissolution of their relationship and the selling of shares in an equitable manner.
In a media statement, Altech said it was a willing buyer and seller for its stake at $100 million, while Econet was only willing to sell its stake. However, EWG questioned Altech`s valuation of the shares and suggested the parties appoint an external valuator to settle the issue. Altech also said it could be willing to let the Botswana courts decide which party should be the buyer and which would be the seller.
Altech says that should the discussions with EWG shareholders prove to be successful, it would issue another announcement to its own shareholders. Neither Altech nor EWG would comment on the issue beyond acknowledging the announcement.
With regard to the allegations of a racist comment made by a staff member seconded by Altech to Econet, Justice Fevrier, who presided over the case in the Johannesburg High Court on 19 August, said he would notify the parties when he was ready to make a ruling on the matter.
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