Embattled Brainware has disposed of two more subsidiaries in line with an earlier announcement that it would sell off its 11 businesses and discontinue head office operations.
It has sold its 50% interest in Fund Mator and its 50% interest in Information Ideals to Fund Mator director E Mouritzen for a total of R9.4 million.
The company said in May that apart from the difficult market conditions, the Brainware name has become a liability and the continued fall in the share price was leading to negative perceptions within the market and press.
Directors foresee the company being transferred to the JSE`s cash companies sector once the sell-offs have been completed.
Brainware says it will keep shareholders informed of the status of further disposals.
"Shareholders are furthermore advised that the proceeds from further disposals will firstly be applied to Brainware`s debt and costs related to the disposal and rationalisation process, before surpluses, if any, become available to shareholders," it adds.
The company`s debt stood at more than R30 million in May. About R17 million of that was a long-term debt to former CEO Piet den Boer.
Brainware announced the disposal of Amotec and Execusys in July.
Its share has remained unchanged at 1c this week.
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