SacOil parent to list tech outfit

Moseneke empire to take control of Intertrading.

by Gugulethu Mfuphi (Courtesy of Moneyweb - Click here for full article)

JOHANNESBURG – Investors who missed the opportunity to invest in Encha Group’s pan African controlled oil and gas play – SacOil, which saw its share price rise tenfold, last year, may have another opportunity to invest in the Moseneke empire.

Encha Tech, a division of Encha Group owner of speculative play SacOil, has stated its intention to purchase a 30% stake in former fruit exporting company and cash shell Intertrading for 15c a share in exchange it ceded its rights for a 60% stake in local data solutions company Connectnet, a former subsidiary of FastComm to Intertrading.

Intertrading acquisition ‘will lift JSE suspension’

The company wants to become a tech company rather than a cash shell

INVESTMENT company Intertrading has bought a 60% stake in ConnectNet Broadband Wireless for R41,8m, in a deal that will lift Intertrading’s suspension from the JSE.

The deal paves the way for it to become a technology company rather than a cash shell.

Intertrading’s listing was suspended in November after it failed to make an acquisition within a specific time set by the JSE. It was required to make a purchase to stay listed after it sold its assets. Intertrading said after the purchase of ConnectNet — a provider of wireless data services — it will be a technology-focused company. ConnectNet’s clients in are the retail, financial, security and pharmaceutical sectors. " The acquisition gives shareholders exposure to an exciting technology company," it said.

Further step from cash shell to tech firm

by Mark Allix - Business Day - 20 june 2011

Encha Tech has made an offer to buy the entire issued share capital of Intertrading for 15c a share, a further step by Intertrading towards becoming a technology company rather than a cash shell under the farming and fishing sector of the JSE.

Intertrading’s listing was suspended in November after it sold its assets and failed to make an acquisition within a specific time set by the JSE. The Encha Tech offer would see it move its listing to the technology sector of the exchange’s main board, and resume the trading of its shares.

Part of diversified investment holding company Encha Group, Encha Tech wants better access to capital markets by way of a listed entity, enabling fast growth in the African technology sector.

Announcement of the Appointment of George Loate & Gideon van Zyl to Encha Tech

Encha Tech, the technology investment arm of Encha Group, recently appointed two executives to augment its management team: George Loate and Gideon van Zyl.

George entered the ICT industry as an entrepreneur when he started a low cost PC business during the Y2K timeframe.  Subsequently he was part of successful sales teams at various major companies in the industry.  Most notable of these was his role in leading the Public Sector Business Development team at Business Connexion (Pty) Limited (BCX).  He went on to manage international OEM relationships for BCX, as the Managing Executive of Persetel Q Vector.  As an entrepreneur he has carved a niche in the payments space, wherein he represents several international organisations that operate in the micro-payments space. At Encha, George’s primary responsibility is to oversee New Business, both at the Encha Tech level and in the underlying portfolio businesses.

Gideon has been in the ICT industry since 1987, having started in software development.  Over the years he has successfully held various roles in technology companies, ranging from technical, financial, management to entrepreneurial management.  He has demonstrated a passion for operational optimisation and innovation. At Encha, Gideon’s primary role is Operations, with the important responsibility to achieve operational excellence and optimised profitability in the businesses in which Encha is invested.

 Commenting on the appointments Gontse Moseneke, CEO of Encha Tech, said:

“Encha Group wants to grow its active investment exposure in the technology sector.  Encha Tech is created with the primary objective of implementing this strategic decision. 

George and Gideon add to Encha Tech the industry-specific knowledge and experience that is complementary to Encha Group’s investment know-how and track record.  With the expanded management team Encha Tech is now poised to build a substantial technology business in earnest.”

Tiego Moseneke had this to say about the appointment of George and Gideon.

“George and Gideon will add much needed technology heavyweight- lifting capacity to our technology team. We intend to build on this and recruit a growing team of highly experienced technology and sales people, thus enabling us to actively grow the technology business in which we are invested.”