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Sudan Telecom Sudatel gives up Expresso Ghana

This is contained in the 2015 fourth quarter financial report of the company, signed and published on March 30, 2016, less than two weeks ago.

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Sudan Telecom(Sudatel) has finally relinquished ownership of struggling Expresso Ghana in a takeover not devoid of twists and turns.

Sudatel, owners of Expresso Ghana, formerly known as Kasapa Telecom Limited have revealed in their 2016 fourth quarter  financial report that 18% of the company has already been paid for and ownership transferred to an unnamed buyer to the tune of $5 million.

The unnamed investor is yet to pay for the remaining 82% stake which is currently in an escrow account awaiting payment by the investor.

Sudatel started the process of a share purchase agreement which was to see the sale of 100% shareholding in Expresso, the company said in the financial report.

READ MORE:Expresso Revived Col. Larry Gbevlo-Lartey Appointed Acting CEO Of Expresso

It said as per the terms of the escrow agreement, Sudatel has transferred the remaining 82% shares to the escrow agent, adding that upon the escrow closure, the legal and beneficial ownership of the remaining 82% will pass to the buyer and the outstanding sales consideration deposited with the escrow agent will pass to the Sudatel.

The report also noted that as at December 31, 2015, the operations of Kasapa were still being classified as a disposal group and a discontinued operations, held for distribution to equity holders of the parent.

Meanwhile, the financial statement of Kasapa captured in the report indicate that the company is deeply in the red.

The income statement for the year ending December 2015, indicates a whopping net loss of US$5.53milion, which was even an improvement from that of December 2014, which stood at US$8.2million loss

The statement showed that Kasapa’s assets was worth a little other US$24million, but that was negated by its suffocating liabilities, which stood at US$34million plus, leaving it with net asset of US$10million in the negative.

On the cash flow side, it recording negative US$11,000 for the year.

 

 

 

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