ZIMBABWE investor Cambria Africa yesterday revealed that it has sold its stake in what it deems to be a non-core business unit.
Report by ProactiveInvestors
Cambria’s stake in the ForgetMeNot Africa (FMNA) mobile phone messaging software is being bought out by the ForgetMeNot Software company, Cambria’s joint venture partner in the business.
The deal is worth $250 000 which will be paid upon certain milestones, or at the latest in twenty-four months’ time.
Cambria said its stake in FMNA was a “significant financial drain” and pointed out that it had already written off all its investment in the business.
The company also confirmed that the sale of its stake in Diospyros Investments Ltd, a regional IT services company that trades as CES Zimbabwe, is still pending regulatory approval.
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“The sale of both FMNA and CES is in line with Cambria’s continued strategy, to actively streamline its portfolio, as it focuses on value creation within its profitable, core investments,” Cambria said in a statement.