Zimbabwe-focused investment firm Cambria Africa (LON:CMB) continues to reorganise the business as it unveiled two disposal deals.
It plans to leave the IT services market with the conditional sale of its shares in Diospyros Investments (Pvt) Ltd, which trades as CES Zimbabwe (CES) to Complete Enterprise Solutions Mauritius (CES Mauritius) for US$190,000.
So far, Cambria has invested around US$155,000 into CES and over the six months ending February 2012, CES generated 2.7 per cent of Cambria's gross profit.
"Cambria may, at a later stage, reconsider entering the IT services market, which it continues to consider attractive. However, at this point, the company will focus on developing and strengthening its four remaining businesses: PayServ; Celsys; Millchem; and the Leopard Rock Hotel," it said in today's statement.
The provision of IT services through CES was considered a core business for Cambria, it said.
However, CES is currently jointly managed by Cambria and CES Mauritius through a franchise agreement, which proved unsustainable, it said.
Meanwhile, the company also revealed it had signed a memorandum of understanding with joint venture partner ForgetMeNot Software Limited (FMNS) over the sale of Cambria's shares in ForgetMeNot Africa (BVI) Limited (FMNA) to FMNS for US$ 250,000.
FMNS will pay the sale price upon meeting certain milestones or, at latest, twelve months from completion, which is expected within the forthcoming month.