Business Report Companies

Business Connexion: Asset transfers to simplify structure

Published

Business Connexion Group is on a mission to simplify the structure of the group.

To achieve this, it has decided to sell some of the assets owned by its wholly owned subsidiary, Business Connexion Technology Holdings to another subsidiary, Business Connexion.

The assets to be disposed by Business Connexion Technology to Business Connexion are Nanoteq and the two data centre buildings NDC1 and NDC2.

Nanoteq, which is 100 percent owned by the gro

up, will be sold for R35.5 million and the two data centre buildings will fetch R132.4m.

These considerations are at market value and the money will be used to settle existing intergroup loan accounts.

The transaction is not subject to any conditions. - Slindile Khanyile