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Mustek settles Puno BEE dispute

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Mustek has settled its dispute with its BEE shareholder Puno, paying out an amount of R2,5-million in full and final settlement. 

Puno was a BEE investor in Mustek's printer subsidiary Brotek, with 30% of the company's shares, finanaced by a loan from Mustek.
These shares have now been sold back to another Mustek subsidiary, Tradeselect 38, for R24,86-million, which includes repayment of the loan, legal fees and the settlement amount.
In addition, the Puno representatives currently on the Brotek board will resign.
The settlement clears the way for Mustek to seek a BEE partnership at a holding group level.