31 August 2012

Zimbabwe: Cambria Exits Zim IT Services

CAMBRIA Africa, majority shareholder in Zimbabwe Stock Exchange-listed Celsys, has exited the IT Services business locally as part of a bid to reorganise the business.

Cambria, registered on London's Alternative Investment Market, announced this week that it had sold shares in Diospyros Investments (Pvt) Ltd, which trades as CES Zimbabwe (CES) to Complete Enterprise Solutions Mauritius (CES Mauritius) for US$190,000.

Cambria had invested around US$155,000 in CES.

In the six months to February 2012, CES generated 2,7% of Cambria's gross profit.

"Cambria may, at a later stage, reconsider entering the IT services market, which it continues to consider attractive. However, at this point, the company will focus on developing and strengthening its four remaining businesses: PayServ; Celsys; Millchem; and the Leopard Rock Hotel," the company said in a statement.

The provision of IT services through CES was considered a core business for Cambria, the company said.However, CES is currently jointly managed by Cambria and CES Mauritius through a franchise agreement, which proved unsustainable, the company said.

The company also said it had signed a memorandum of understanding with joint venture partner -- ForgetMeNot Software Limited (FMNS -- over the sale of Cambria's shares in ForgetMeNot Africa (BVI) Limited (FMNA) to FMNS for US$ 250,000.

FMNS will pay the sale price within 12 months from completion, which is expected within the forthcoming month.

CES Zimbabwe develops and delivers IT outsourcing for small, medium and large enterprise companies looking to optimise their IT investment, whilst simultaneously reducing costs and allowing management to focus on their core business.

Outsource solutions offered by CES include design and implementation of a company's IT infrastructure, day-to-day on-line monitoring and management of their networks and establishment of robust data storage and disaster recovery solutions.

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