JSE-listed Advanced Software Technologies (AST) has moved quickly on its intention to extend its global footprint, cautioning investors it is in negotiations in Australia.
The cautionary specifies negotiations in Australia are "well advanced", with memorandums of understanding signed and due diligence exercises underway.
According to the cautionary, the only remaining obstacle to the conclusion of the deal is the approval of the Reserve Bank, and AST says that is in the pipeline.
The AST group reported a R1b turnover for the year to June and said it would be looking to increase its foreign operations.
Although AST derived only 9% of income for the year offshore, the company says this is due to its strong local performance.
CEO Jan van Zyl says, "We will struggle to keep this (international) figure high, not because we aren`t performing well internationally, but because our local operations are doing so well. It`s a great position to be in."
"We expect substantial organic growth in the coming year. We are expanding our current business with our existing clients and are establishing new strategic partnerships," says AST chairman Gerrie de Klerk.
"Significant growth opportunities also exist for the group through strategic acquisitions in online customer services and in extending our geographical footprint beyond Africa."
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AST group posts R1b turnover
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