Cambria Africa sells stake in ForgetMeNot Africa

Cambria Africa said Friday it has sold its stake in ForgetMeNot Africa(FMNA ) mobile phone messaging software.

The Zimbabwe investor's interest in the business unit is being bought out by its joint venture partner, the ForgetMeNot Software company, for $250,000.

Cambria said its holding in FMNA was a "significant financial drain"' and has already written off all its investment in the business.

The group will also sell its interest in Diospyros Investments, a regional IT services company that trades as CES Zimbabwe, once it receives regulatory approval.

"The sale of both FMNA and CES is in line with Cambria's continued strategy, to actively streamline its portfolio, as it focuses on value creation within its profitable, core investments," Cambria said in a statement.

RD