Following the circular issued to Faritec shareholders on 22 June 2009 in respect of the specific issue of shares to Shoden Data Systems in order to raise R29-million working capital, unconditional approval has now been granted by the Competition Authorities.

As a result, all conditions precedent to the transaction have been fulfilled and it will now go ahead.
"This approval by the Competition Authorities represents that last stage in the process of recapitalising the group and placing us on a sound footing going forward," says Chris Jardine, executive chairman of Faritec Holdings. "The turn-around programme is on track and we are happy to be starting our new financial year on a positive note."