Beget Holdings has bought, for R5.13 million, the 34% of Beget Interactive it did not already own, bringing its shareholding to 100%.
Beget says in a notice to shareholders that it is to pay the seller, Excellular, R5.13 million in cash and the balance in shares, comprising 36 million shares at 20c each.
It adds that R1.5 million of the cash portion is to be paid on or before 31 August 2005, followed by 12 equal consecutive monthly instalments of R302 500.
Beget Interactive, a value-added reseller and distributor of business information solutions, is Beget`s operating company.
The group says it makes strategic sense to acquire the remaining stake in the company.
"As a consequence of the acquisition, no share of future profits will be payable by Beget Interactive to a minority shareholder," it adds.
"All such profits flow to Beget, and it is expected that over time there will be a significant return on the consideration paid for the acquisition."
The deal is subject to regulatory approval.
The Beget share, listed in the JSE`s Venture Capital Market, lost 1c to close at 8c on Friday. It was untraded this morning.
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