Information Technology firm Simply Secure Limited has increased its shareholding in tTech to 69.1 per cent, representing 73,229,223 shares.
A notice posted to the Jamaica Stock Exchange said the increased shareholding includes the purchase of 20,719,366 shares from Norman Chen and G. Christopher Reckord.
The increased shareholding puts Simply Secure Limited over the 50 per cent ownership threshold of the issued and outstanding ordinary shares of the company, requiring Simply Secure to extend an offer to all remaining tTech shareholders to purchase their shares subject to approval from the regulators.
The tTech board will also provide an opinion on their view of the fairness of the offer price.
tTech says following the sale of their shares, Mr Chen and Mr Reckord will be resigning as directors of the company.
Chairman of the tTech Board, Edward Alexander, says the company is looking forward to the continued growth that is
expected through the increased ownership by Simply Secure.
All feeds
