Pinnacle Technology Holdings, which already holds 51% of Explix, is to buy up the rest of the company for R3,5-million.
The company last night announced that it has entered into a sale of shares agreement whereby the sellers will dispose of their 49% stake in Explix, and their claim against the loan accounts amounting to R115 483.00, for a total purchase price of R3,5-million.
The business of Explix is the marketing, distribution, installation and provisioning of Sharp branded multi-function printers (MFPs) to both commercial and public sector entities. Explix is currently one of two distributors appointed by Sharp for MFPs.
The board of Pinnacle believes that the business of Explix should be managed within the business of one of its major trading arms, Pinnacle Africa. Doing this would eliminate the need for the separate overhead infrastructure currently in place at Explix, therefore reducing overall costs and would place the brand within the much larger and more comprehensive distribution and selling organisation of Pinnacle Africa.
The board believes that introducing the brand into the Pinnacle Africa infrastructure would allow the true potential that it sees in the Sharp MFP product line to be realised in the South African market.