I have been informed as follows:
The process of concluding the Broadband Infraco (BBI) acquisition is at an advanced stage pending the revision of BBI’s Turnaround Plan to establish funding requirements. The necessary acquisition processes were concluded with a sale offer by the SENTECH Board that was accepted by the BBI Board. This followed a due diligence inquiry and engagements with relevant authorities such as ICASA, Takeover Regulatory Panel, Competition Commission and National Treasury. There have been ongoing discussions with the Industrial Development Corporation (IDC), which is a 26% shareholder of BBI, on their role post the acquisition.
To conclude the BBI acquisition by Sentech the following are recommended:
SITA, meanwhile, is in the process of developing a roadmap for the review of its business model. The details of the review is expected to be submitted to the Department by the end of the current financial year. Once complete, the implementation of the new SITA business model and roadmap will commence in the new financial year and continue thereafter. The Department would then monitor progress through performance reports submitted by SITA.
Authorised for submission by
MS NONKQUBELA JORDAN-DYANI
DIRECTOR-GENERAL
DATE:
Recommended/not recommended
__________________________
HON. PHILLY MAPULANE, MP
DEPUTY MINISTER OF COMMUNICATIONS AND DIGITAL TECHNOLOGIES
DATE:
Approved/ not approved
________________________________
HON. MONDLI GUNGUBELE, MP
MINISTER OF COMMUNICATIONS AND DIGITAL TECHNOLOGIES
DATE: