SAB&T Ubuntu Holdings (SUHL) will delist from the JSE Securities Exchange next week as it becomes part of the Simeka Business Solutions Group.
The company today released a statement confirming that no objections had been raised regarding its acquisition by Simeka and so the deal would go ahead.
As a result, when the JSE opens for business next Monday, SUHL will have terminated its listing.
Simeka is buying out SUHL for about 150-million Simeka shares.
Once the deal goes 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.