AST Group says it "has engaged with various parties" that could result in an increase in the underwritten amount of its R160 million rights offer.
The rights offer is related to a black economic empowerment deal in terms of which Gijima Info Technologies Afrika reversed some of its IT assets into AST for the issue of new shares, resulting in Gijima owning at least 30% of the merged entity.
In terms of that deal, AST subsidiary AST-A will acquire certain IT businesses and interests from various Gijima subsidiaries for the issue of about 308.76 million AST shares at 35c a share, amounting to about R108.07 million.
AST said last month that a maximum of R116.75 million of the rights offer would be underwritten by existing lenders Iscor Pension Fund, Kumba Resources, Cadtech and Standard Bank.
The addition of other underwriters would increase that amount.
The group has said the rights offer is needed to reduce debt ahead of the merger.
At the same time, AST says Gijima has acquired 100% of the shares in Gijima Support Services and Gijima Technologies, fulfilling one of the conditions of the merger.
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