https://www.engineeringnews.co.za

Huge to raise R20m to pay MTN settlement, fund rapid growth

4th August 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

AltX-listed investment holding company Huge Group on Monday said it planned to raise R20-million to finance the company’s current rapid growth, as well as to pay a settlement to MTN.

Huge tabled a rights offer of 20-million shares to qualifying shareholders at a price of 100c a share.

This followed the conclusion of the prolonged dispute between telecommunications giant MTN and Huge last week after the parties agreed to a settlement of R10-million.

In 2011, MTN instituted action against Huge Group subsidiary, Huge Telecom, for the payment of R30-million, in addition to interest and the cost of the lawsuit.

The agreement, signalling the “full and final settlement” of all claims MTN may have against Huge Group and its subsidiaries, had been signed between Huge Telecom, Huge Mobile and MTN.

Huge Telecom had until September 15 to pay the settlement.

Edited by Creamer Media Reporter

Comments

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.082 0.139s - 137pq - 2rq
Subscribe Now