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SA satellite manufacturer taken over by the State
July 12, 2013 Editor 0
The Department of Science and Technology (DST) is buying the intellectual property (IP) and tangible assets of insolvent South African microsatellite company Sun Space and Information Systems (SunSpace) for R55-million. This was announced by the DST on Thursday.
The majority of the company’s creditors accepted the DST’s offer, which had been recommended in the business rescue plan drawn up by a practitioner who had been appointed by the SunSpace board. Their decision has been welcomed by Science and Technology Minister Derek Hanekom. The amount offered by the DST was based on an independent evaluation of the value of the company’s IP and tangible assets.
Although the purchase is being made by the DST, and although the Cabinet had previously stated that SunSpace would be absorbed by the South African National Space Agency (Sansa), the country’s national satellite manufacturing capability will not be housed with DST and Sansa.
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