Mustek’s acquisition has finished purchasing a 26 percent interest in Sizwe, which is a provider of information and communications technology products, network products and solutions and information technology maintenance and support services.
The company paid a total cash consideration of R15 166 666.45, to have the 26 percent. Mustek will also advance a loan of R6 666 667 to Zaloserve, the ultimate holding company of Sizwe, and a loan of R7 966 666.55 to Omni Capital, a 100 percent black-owned company, as part of its enterprise development initiatives.
Interest will be charged at prime and the loan is repayable five years from the effective date.
In turn, Omni will subscribe for 35 percent of the share capital of Zatophase for a total consideration of R8 166 666.55 and Mustek will subscribe for 65 percent in Zatophase for a total consideration of R15 166 666.45.
Zatophase will subscribe for 40 percent of the share capital of Zaloserve, Sizwe’s ultimate holding company, for a total consideration of R23 333 333.