Business Connexion to offload Q Link
Listed ICT services provider, Business Connexion says it has entered into an agreement to dispose of its entire interest in its Q Link business unit to Summit Garnishee Solutions for R187.5 million.
SGS is a privately-owned company that is not a related party to the group.
The effective date of the disposal is 1 September 2013, and the consideration will be settled in full on the date that the last suspensive condition is fulfilled.
Q Link provides a one-stop collections platform that overcomes the complexity of multiple disparate interfaces to a variety of collection channels, including bank debits and payroll deductions.
By way of rationale for the disposal Business Connexion said: “Q Link has grown to the extent that its future vision and strategy requires greater alignment with the financial services sector. As a result, Q Link no longer forms part of the core business strategy of the Group and the board of directors of BCX opted to dispose of Q Link and realise value.”
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