iBurst will become a listed entity in June, when its holding company Galela Telecommunications Holdings is reverse listed into S&J Land Holdings.
According to an agreement, S&J will acquire, as one indivisible transaction by way of a share swop, 857 ordinary shares of R1.00 each in iBurst Africa, which represents 86% of the total issued share capital of iBurst Africa, and 1 000 ordinary shares of R0.12 each in Richtrau No.10 (iBurst SA), which represents 63,8% of the total issued share capital of Richtrau.
Galela is swopping a 28,72% effective interest in iBurst SA through the disposal of the Richtrau shares in exchange for a fresh issue of shares in S&J.
iBurst Africa owns: 71% of iBurst Ghana Limited; 60% of STE iBurst RDC SPRL; 70% of Dr Wireless Limited trading as iBurst Africa, Kenya; 80% of iBurst Mocambique Limitada; 75% of iBurst Zambia Limited; 49% of iBurst Namibia Wire Operations (Proprietary) Limited; and 80% of iBurst Uganda Limited.
Galela is the largest operator of iBurst mobile broadband technology globally. Thami Mtshali is the sole shareholder in Galela through which he holds shares in iBurst Africa and iBurst SA.
So far, Galela has rolled out the iBurst protocol in South Africa, Ghana, Mozambique, Democratic Republic of Congo and Kenya. It is in the process of rolling out in six further markets across the African continent, where it has already secured licenses.
iBurst provides continued high-speed connectivity for corporate or personal needs, through broadband Internet and e-mail services.
Once the revese listing is complete, the company will change its name to either Galela Telecommunications or iBurst Africa.