Sekunjalo Investments is in negotiations to sell one of its IT businesses to a major black empowerment consortium.
The black-controlled conglomerate has issued a cautionary announcement saying it expects a rise in its share price upon the conclusion of the sale.
“We have five IT businesses, including Health Systems Technologies, Fios and Synergy Computing, yet unfortunately I cannot say which one of these is being sold,” says Sekunjalo executive director and chairman Iqbal Surv'e.
Surv'e says Sekunjalo is talking to a major BEE consortium, as well as a BEE company from KwaZulu-Natal, in terms of the sale of one of its IT companies.
The Sekunjalo Web site says it was formed in 1996 to benefit previously-disadvantaged people.
Sekunjalo says the sale of its IT business to the BEE consortium is in line with its commitment to enterprise development and the upliftment of black people in SA. Surv'e adds that the cautionary on the sale will end in two weeks, at which time Sekunjalo will identify the BEE consortium to which it has sold the IT business.
Possible listing
In November last year, Sekunjalo acquired a 30% stake in British Telecom's South African business for more than R27 million. The communications solutions and services provider said it would use the opportunity to obtain multinational contracts.
The deal was the second foray Sekunjalo had made into the telecoms space after purchasing a 26% stake in Nokia Siemens Networks in 2007.
Sekunjalo CEO Mohammed Kajee says it continues to monitor global and local markets as it is still committed to listing both its ICT and biotech investments.
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