Dandemutande Update

Dandemutande Merges with iWayAfrica and AfricaOnline

12 May 2015

Dandemutande Investments (Private) Limited (“Dandemutande”), a licensed Internet Access Provider operating as Utande and uMAX, today announced that it has entered into agreements with iWayAfrica Zimbabwe (Private) Limited and Africa Online (Private) Limited, two of Zimbabwe’s leading Internet Service Providers, to acquire specified assets and liabilities from these businesses, in exchange for shares in Dandemutande.

iWayAfrica and Africa Online are both owned by Gondwana International Networks, a pan-African Telecommunications and ICT service provider based in South Africa. Established in 2003, Gondwana International Networks has a core operational focus on the design and implementation of broadband access networks and maintains a presence in 44 countries across Africa.

Under the terms of the transaction, the existing Dandemutande shareholders will own 51% of the enlarged company and Gondwana International Networks will own 49%.

Mr. Olatunde Akerele, Chairman of Dandemutande commented that “The merger reflects both parties commitment to drive sustainable growth by creating Zimbabwe’s leading Internet Access and Service Provider. Together Dandemutande, iWayAfrica and Africa Online have an unparalleled 57 years of operational experience in Zimbabwe. We will leverage off this going forward”.

The new combined entity will offer a wider portfolio of services across different technology platforms including fibre, satellite and wireless thereby meeting customer requirements for services beyond traditional connectivity. Managed services, cloud services from its carrier neutral data centre, VoIP and rural branch connectivity will be offered under a single service provider umbrella.

Whilst the boards of both companies have approved the business combination, the transaction remains subject to regulatory approval. It is expected to close in the second quarter of 2015.

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