The African Lakes Corp, a UK-based African conglomerate, plans to transform itself into a major IT force. The London Stock Exchange-quoted company has sold most of its non-core activities and is taking up an option to acquire up to 65% of African Online, whose portal site aims to be the leading information point for the African continent.
In addition, the company plans to become a leading trans-Africa information technology business. To complement its own business, it has bought Software Distributors Africa, which has the Microsoft distribution rights in East Africa and operates through more than 100 dealers. Directors say they are actively reviewing other technology and acquisition opportunities and are looking to develop its IT business with the expected development of Africa Online.
The company is raising 1.4m pounds ($2.4m) through a placing of shares to accelerate infrastructure development by Africa Online.
