"We’ve got quite a few companies targeted or earmarked for
acquisition over the next three, six or 12 months, and we will obviously
make sure we don’t overpay for them," Abdulla indicated in a
wide-ranging interview on Wednesday.
The company aimed to pay in the range of four to six times earnings
for its targets, or
more if the company was a good strategic fit, and
would avoid issuing too many new shares so as to protect shareholder
value.
Ayo’s funding reserves and black empowerment credentials would help it
to "negotiate better deals", said Abdulla, adding that the company would
spend most of its new war chest on acquisitions and other growth
opportunities. It was interested in information technology services
companies, "sustainable" firms with meaningful intellectual property
ownership and those "that can contribute to the continent as well".
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