Allied Technologies Limited (Altech) and Giesecke & Devrient (G&D), the German smartcard company have concluded an agreement whereby Altech has acquired G&Ds minority interest in Altech NamITech.
Altech has acquired G&Ds effective 11% shareholding (taking into account the empowerment shareholding structure) and Altech now owns an effective 72% of Altech Namitech. Pamodzi, the empowerment partner retains its shareholding amounting to 28% of Altech Namitechs total issued shares.
Altech CEO, Craig Venter, commented We have enjoyed a successful long-term relationship with G&D, who have consistently contributed to Altech NamITechs technology growth. One of the fundamental reasons for this partnership has always been technology transfer from one of the worlds premier smartcard companies to Altech NamITech. Given our acquired depth of knowledge in embedded technologies, we have mutually agreed that the time is right to cut the umbilical, as Altech NamITech aspires to take fuller control of their destiny.
Altech Namitech have successfully launched its operations in Nigeria West Africa and currently supply in excess of 55 million cellular pre pay top-up vouchers a month to five major cellular network operators and other customers Venter further commented .
Notwithstanding the new equity structure, Altech will continue a close commercial relationship with G&D and will continue to represent its products and technology in Sub Saharan Africa for a period of up to two years. In addition, Altech and G&D have reached an agreement regarding technical assistance, supply arrangements and restraints of employees.
All of the conditions precedent to the transaction have been fulfilled by 31 January 2007, as required. Accordingly the transaction has taken effect on 31 December 2006.
For further information please contact:
Group Executive: Marketing
(011) 715 9000 / 084 800 8008
Contact at G&D
Vera Schuh, Press Manager
+49 89 4119-2985