Reunert generates ZAR1.4bn profit from Nashua Mobile subscriber sale

19 Nov 2014

Johannesburg Stock Exchange (JSE)-listed ICT group Reunert has disclosed that it earned ZAR1.4 billion (USD126.85 million) profit as a result of its sale of Nashua Mobile’s subscriber base to Altech Autopage, MTN South Africa and Vodacom South Africa, BusinessTech reports. According to Reunert, the transactions, which were approved by the Competition Tribunal of South Africa in September 2014, are now finalised with all the accounts now moved to the relevant acquiring parties.

As TeleGeography’s CommsUpdate reported in April 2014, the parent company of Nashua Mobile agreed to offload its 750,000-strong subscriber base to the three companies and cease operations as soon as the subscribers were migrated, as ‘it is unlikely that the business would generate acceptable returns’.

South Africa, Altech (Allied Technologies), MTN South Africa, Vodacom South Africa