Accra, November 2, 2017//-Credible information reaching African Eye Report indicates that Ghanaian IT infrastructure company, Sibton Communications has new owners.
The latest edition of the respected Middle East daily, The Gulf Todayhas confirmed in a rather sketchy publication that the new owners are likely to be Dubai-based PASS Holdco Limited, attributing it source to the Board of the new Investors.
“The board of PASS Holdco Limited announced the acquisition of Sibton Communications (Sibton), a company registered in Ghana and active in IT infrastructure development and the implementation of mobile and electronic payment clearing and settlement systems”, the newspaper reported in its 2ndNovember, 2017 edition under the heading “UAE-based PASS Holdco acquires Sibton Communications”.
Sibton Communications has a subsidiary company, Sibton Switch Systems, which has been working on an electronic payment system with the Bank of Ghana under its Ghana Retail Payment Infrastructure System Project being promoted by the government to ensure financial inclusiveness among greater number of the population.
PASS is a holding company established and registered in the Dubai International Financial Centre (DIFC), UAE and it is one of the known specialists in the creation of interoperable payment switches to enable seamless electronic payment platforms and other transaction avenues across the African continent.
For industry watchers, this deal is opportune with some anticipated economic benefits to both parties in particular and Ghana in general. For instance, it is expected some significant injection of funds into the Africa operations and especially in Ghana where the company is engaged in ongoing transactions with the government through the Bank of Ghana.
It is also expected that the new deal will enable technological and knowledge transfer to improve on operations in Ghana and other African countries where it currently operates.
And for many others, it is an endorsement of confidence and trust by international investors in doing business in Ghana.
Insider sources have predicted that in the coming days, further investments will be announced by PASS, which will initially expand its footprint across the West Africa region and gradually across the continent.
Sibton was rumoured to be owned by African Businessman, Roland Agambire and so it is unclear what his new role will be but sources close to both The Gulf Today and PASS Holding indicate “he has absolutely no connection or influence to the new arrangement and entity”.
It is also unclear whether a percentage of shares of the company was sold or the entire firm was given out.
Sibton Switch Systems was contracted last year by the Bank of Ghana to build a national switch to facilitate Interoperability in Mobile Money Payments and other electronic financial transactions.
There are indications several processes ought to be completed in the coming days to put finality to the seeming takeover.
African Eye Report
