Jasco Electronics plans to buy out minority shareholders in its subsidiaries to boost profits, says CEO Pete da Silva. Jasco said on Monday that total comprehensive income for the six months to December fell 28.7% to R10.7m, as profits payable to minority shareholders leapt to R6.5m from R1.1m a year before. The group owns 51% of information and communications technology (ICT) business Reflex Solutions, two-thirds of data centre company NewTelco SA and 51% of a small fire security group. “One of the strategic objectives that we’re addressing now is that we want to own 100% of our businesses,” Da Silva said. Reflex Solutions had generated far higher revenues than expected in the interim period. Discussions with minority shareholders of the three businesses “are quite well advanced”, he said. Meanwhile, Da Silva said Jasco aimed to grow business in East Africa, even as political upheaval in Kenya led to higher-than-expected losses in the country. “We still believe that market is the r...
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