JSE-listed supply chain management and logistics fulfilment services company OneLogix has sold wholly owned subsidiary X Press Net (Expressnet) to Dieseltrans for just over R3 million.
Expressnet carries on the business of GoLogix Distribution.
OneLogix says it is focusing on businesses which yield high margins and have distinctive competitive differentiators.
"Go Logix Distribution offers warehousing and distribution services, which are not core activities of OneLogix," it adds.
"GoLogix Distribution operates in a competitive environment with resultant low margins, aggravated by the seasonal nature of the business."
It says that after the disposal it will outsource its distribution requirements to GoLogix Distribution "pursuant to arm`s-length service level agreements".
The proceeds of the disposal are to be used to reduce OneLogix`s current liabilities.
OneLogix is to receive about R3.01 million, payable in cash with interest at prime over three-and-a-half years.
"In order to facilitate the successful completion of the disposal, the CEO of OneLogix, Tony Wiese, has agreed to participate as a minority investor in Dieseltrans and to provide security for payment of the consideration due to OneLogix for the disposal."
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