Allied Electronics Corporation (Altron) subsidiary Fintech has acquired a 34.9% stake in embattled IT company Usko as a result of underwriting a rights issue which saw Usko raise R228.4 million.
Usko says shareholders took up just more than 813 million, or 53.4%, of the approximately 1.5 billion shares on offer.
Fintech took up the balance of the rights offer, about 709.4 million shares, at a cost of R101.9 million.
The company had committed itself to underwriting about 65% of the rights offer.
"The underwriting of the Usko right offer represented a further step in the ongoing restructuring and refocusing of Altron, of which Fintech is a subsidiary," says Fintech. "Certain further steps affecting Fintech`s IT interests are under consideration."
Usko cautions that it is still in talks which may have an affect on its share price.
It announced the rights offer in July, saying it hoped to raise R210 million to R250 million to reduce its debt, strengthen the balance sheet and position the company to capitalise on growth opportunities.
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