The AST Group, which is still listed as Advanced Software Technologies-Abraxas (AST-A) on the JSE, says it is "involved in acquiring a South African company".
The group has not elaborated on the deal, nor disclosed the name of the company, but says the agreement is not related to an Australian acquisition, which was the subject of a cautionary notice issued earlier this month.
"The due diligence for the Australian agreement has been completed and the final agreement is being formulated," it says. "We are satisfied with the progress made in obtaining approval from the South African Reserve Bank."
The group warns that the South African deal may have a material effect on its share price.
The share was trading 5c down at 330c by midmorning today.
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