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SINGAPORE: Dimension Data, the parent of Singapore-listed Datacraft Asia, is planning to privatise the computer network builder.
Dimension is Africa's biggest computer-services company.
It is offering to buy the remaining 44.9 per cent of Datacraft that it does not already own, at US$1.33 a share.
That works out to a 34 per cent premium over Datacraft's closing share price of US$0.99 on Monday. The acquisition is expected to cost US$276 million.
Dimension said integrating Datacraft as a wholly-owned subsidiary will provide greater flexibility and place it in a better position to capture market opportunities.
The acquisition will give Dimension access to 13 Asian countries. Dimension Data first acquired a controlling stake in Datacraft in 1997.
Datacraft reported a revenue growth of 25.6 per cent on-year to US$180.6 million and a net profit increase of 25 per cent to US$9.5 million.
Earlier Tuesday, Datacraft had requested a suspension of its shares on the Singapore Exchange pending an announcement.
When trading resumed in the afternoon, Datacraft shares surged 30 percent on the acquisition news to hit an 11-month high of S$1.29, before closing the day at S$1.28.
- CNA/ir
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