Datatec joins OTCQX trading platform to enhance US investor access

Datatec, the international information and communications technology (ICT) company, was admitted to the OTCQX trading platform in the US on Wednesday to broaden international investor access.

The share opened at $2.25 on the OTCQX Market on Wednesday. The over-the-counter market in New York is a platform for companies listed on a qualified international exchange to provide transparent trading to US investors using a US Dollar quoted share price.

On the JSE, Datatec's share price was up by 1.68% to R58.27 on Wednesday afternoon, a price that was 59% higher than a year previously.

It enables companies to disseminate their home market reporting to make their information available in the US. To qualify for OTCQX, companies must meet high financial and reporting standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

In March, Datatec said group gross profit for its financial year to February 28, 2025, was expected to be about $910 million, 6% higher than at the same time last year.

The group built on a strong operational performance reported for the first half of the financial year and benefited from demand for its technology solutions and services, especially in the areas of cyber security and hybrid cloud infrastructure.

Gross profit from Westcon International was expected to be 9% higher at $441m, Logicalis International’s gross profit was expected to rise by 5% to $357m, while the gross profit of Logicalis Latin America was predicted to fall by 12% to $104m.

Both Westcon International and Logicalis International delivered a good financial performance during the second half. The annual results are expected on May 27.

Business Report