WirelessG intends selling 26% of its equity to a black economic empowerment (BEE) consortium called Mightycare Mosegedi, in which former Sentech chief operating officer Gladwin Marumo is a significant shareholder, in a deal worth R48,5m.
News of the proposed deal comes as WirelessG, which specialises in Wi-Fi communications infrastructure, prepares for a high-stakes court showdown with one of its shareholders, Vodacom. The mobile operator holds a minority 26% stake in the business.
The deal is contingent on a successful outcome to the dispute.
Mightycare Mesegedi has made the offer to acquire the stake in WirelessG parent company G-Mobile Holdings.
“The agreement has been signed on a discounted basis,” WirelessG CEO Carel van der Merwe says. “Mightycare Mosegedi is represented by well-known corporate profiles within the telecommunications market.”
Other than Marumo, who is also a former head of radio policy at the Independent Broadcasting Authority and a former special adviser to the minister of communications, WirelessG says it won’t reveal yet who else is involved in the BEE consortium. “Due to sensitivity at this stage, the other representative will be revealed later,” Van der Merwe says.
On the dispute with Vodacom, WirelessG says the BEE consortium is “well aware” of it but “remains confident in its decision to invest due to the large business potential contained within the shareholders’ agreement between between WirelessG and Vodacom”.
Van der Merwe says the deal with Mightcare Moesegedi, if it goes ahead, will be facilitated through the allotment of new shares. — (c) 2013 NewsCentral Media