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Tel -Aviv listed Athlone (ATLN) joins the African digital revolution by acquiring Vaninga which has the exclusive license to build a Data Centre in Moçambique which will launch the initiative for the Continent
|By PR Newswire
|March 13, 2014 01:03 PM EDT
TORONTO AND TEL AVIV, March 13, 2014 /PRNewswire/ - Athlone has entered into a
memorandum of agreement that involves the acquisition of a majority
stake in a Moçambique registered telecommunications provider with the
strategy to focus on establishing a network of data centres in
strategic locations around Africa where it will apply its cutting edge
data solutions, cloud and virtualization capacity. This provider called
Vaninga has secured a national telecommunications licence which grants
it the right to provide voice and data services, international gateway
transit services, broadband services and the building of data centres.
The licence includes spectrum for the provision of satellite links as
well as the provision of terrestrial wireless services.
The African continent's newly laid undersea cable infrastructure has
increased the data bandwidth by 400 fold and the opportunity for
Athlone is to create and build regional data centres around Africa
where the undersea cables land at the coast.
The team has chosen Moçambique because of the compelling opportunity in
the large infrastructure projects being built, the continent's largest
natural gas discovery and the list of international companies like
Anadarko, ENI, RTZ, Halliburton and Statoil that are moving in.
Moçambique is also proving to be progressive in its economic and
regulatory outlook and is embracing new technologies and operators.
Africans have demonstrated their endless hunger for new technology via
the mobile smartphone and the creation of innovative apps, like mobile
money solutions which have been exploding at an exponential rate. The
first data centre will be commissioned with the benefit of numerous
contracts with health, central banking, education, defence and police
departments and government ministries. The hosting will provide cloud
services, voice and data Networks, wireless and sensitive data storage.
The well known and highly successful African team of Ross Macdonald and
Gordon Edwards have formulated this well thought through strategy and
will guide and manage Athlone in building out this massive endeavour.
Ross Macdonald was one of the founders of the MTN Group, a South
Africa-based multibillion dollar mobile telecommunications
conglomerate, and was responsible for building many of the initial
operations for the MTN Group in Africa.
Gordon Edwards, who was one of the founders of DataTech, which is a
global multibillion dollar IT company, has extensive experience in
rolling out digital infrastructure in Africa for both banks as well as
The Chairman of Athlone, Stan Bharti said "we are very excited about
joining forces with Edwards and Macdonald who have a demonstrable track
record as we seek to strategically shift the company's focus into the
ICT sector. We believe this brings an exciting new opportunity for
investors on the Tel Aviv exchange."
Bharti continued, "Tel Aviv has rightfully gained a reputation as a
global hub for new technologies and their commercialization. It is
rich with new ideas, innovations and solutions especially for companies
like Vaninga that seek to bring the benefits of technology to the
rapidly emerging market of Africa. In Israel, investors and
technologists alike have shown time and again their appreciation and
understanding of working in unconventional, developing environments,
which will be of great benefit to this new venture."
Details of the Proposed Transaction
The memorandum of agreement provides that Athlone will issue 30,000,000
ordinary shares to certain shareholders of Vaninga in consideration for
the purchase of 75% of the outstanding shares of Vaninga. In addition,
Athlone will provide a working capital loan to Vaninga in the principal
amount of US$2,000,000.
The issuance of Athlone shares to Vaninga shareholders is subject to
negotiation and execution of a definitive share exchange agreement, and
receipt of all necessary regulatory and shareholder approvals. The
memorandum of agreement also provides for standard deal protections and
Toronto / Tel Aviv
13 March 201
To view a copy of the news release in Hebrew, please view PDF
This forward-looking information is based, among other things,
expectations and assumptions of the Company regarding the current
status, areas of operations and business environment as they are at the
date of this document, the analysis of general information available to
the Company at the date of this document and future developments and
there is no certainty as to the willingness, integrity and / or
realization. Realization of forward-looking information stated may be
affected by factors that cannot be assessed in advance and are not
controlled by the Company, including changes in market conditions and
the environment, regulatory changes, changes in economic conditions and
/ or the realization of any of the risk factors of the Company as
detailed in the Company which is posted Magna.
SOURCE Athlone Investments
PDF available at: http://stream1.newswire.ca/media/2014/03/13/20140313_C4982_DOC_EN_37897.pdf
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