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Simeka makes formal bid for SAB&T Ubuntu

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Simeka Business Solutions has made a firm offer to buy SAB&T Ubuntu Holdings, for about 150-million Simeka shares. The intended acquisition date will be 1 June 2008. 

Should it go through, the board of the  combined business of SUHL and Simeka will consist of 12 directors, comprising four nominees of SUHL, consisting of Bashier Adam, Nishani Singh, Jeffrey van Rooyen and Fatima Jakoet; and eight nominees of Simeka, consisting of Mohammed Varachia, Surendranath Singh, Madoda Papiyana, Alex Evan, Dr Popo Molefe, Tozamile Botha, Kabote Johanna Molefe and Yvonne Mhinga.
The rationale for the transaction is based on synergies in the business support services sector as well as public sector opportunities, which could be better realised by the combined company.