Mustek to sell Comztek stake

Mustek Limited (Ltd) has announced the Sale and Purchase Agreement, which sees Mustek Ltd selling its 41,84% stake in Comztek, a communication systems distributor, to Datatec Limited for a total consideration of R39 403 905 through a combination of cash and Datatec Limited shares, with effect from the 29 November 2012.

Mustek Ltd will be selling its 41,84% stake in Comztek (image: stock.xchng)

Comztek will also declare a dividend prior to completion, which will effectively increase Mustek’s consideration to R44 424 826. The purchase price payable by Datatec Limited to Mustek Ltd for the sale shares is as follows:

* An amount of R27 403 905 in cash on completion.

* An amount of R12 000 000 by the issue of shares in the share capital of the purchaser.

“The transaction that represents the sale of Comztek, forms part of the Mustek Limited Group’s ongoing drive to ensure financial strength and the best for the future of the business. Consolidation to include only core assets to the business is fundamental to this strategy,’ says David Kan, CEO of Mustek Limited Group.

The transaction is classified as a Category 2 transaction in terms of JSE Listings Requirements. All warranties provided by Mustek pertaining to the transaction are standard for any transaction of this nature.

For full details on this agreement visit:

Staff writer