Gandalf Trust, which has acquired 63% of Zaptronix for R454 583.93, or 0.5c a share, says it intends to keep the company`s JSE listing.
Zaptronix had been in talks to sell the business for some time. It said in February it planned to delist and split into two companies, one focusing on IT and the other on the electrical business.
This was because there had been some outside interest in a repackaged business.
However, it says that to facilitate a complete refocus Zaptronix decided to negotiate a change of control, with Gandalf becoming the controlling shareholder.
"Gandalf, as the new controlling shareholder, is currently considering new opportunities on behalf of the company," it says.
The Securities Regulation Panel has agreed to waive the requirement for a mandatory offer to be made to minority shareholders on the basis that 0.5c a share is considered too small to be meaningful.
The Zaptronix share price was unchanged at 4c on the JSE this morning.
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