UPDATE 2-Didata buys remaining stake in Datacraft

(Adds CEO comment, reaction)

SINGAPORE/LONDON July 22 (Reuters) - South African IT firm Dimension Data DDTJ.J DDT.L is to buy the remaining stake in Southeast Asia's largest computer network builder Datacraft Asia DCFT.SI for an agreed $276 million.

Didata, which is listed in London and Johannesburg, said on Tuesday it would buy the 44.9 percent of Datacraft it does not own at $1.33 per share, a 34-percent premium to Datacraft's closing price of $0.99 on Monday.

Didata Chief Executive Brett Dawson said Datacraft's growth prospects in Asia and competition in information technology had prompted the offer.

"For us, the underlying principle is to get as much exposure as we can to those markets," he told Reuters.

Funding for the deal comes from $156 million of existing cash resources and $120 million raised through an underwritten placing, he said.

Shares in Didata edged up 0.6 percent in London to 44.25 pence by 1050 GMT, as analysts said the deal was a low-risk use of surplus cash. Datacraft rose 29 percent to $1.28 in Singapore.

"Despite the premium being offered we believe this is a very timely move by management," Merrill Lynch analyst Chris McGinnis said in a note. "Datacraft shares have fallen over 20 percent since the beginning of 2008, while there has been no change to the fundamental outlook."

Dawson said Datacraft had a leading position in providing independent IT services in 13 countries across the region, including India, Singapore and Hong Kong. "On most measures, across Asia the company is number one," he said.

Dimension Data bought a controlling stake in Datacraft in 1997. The acquisition must pass various regulatory and shareholder approvals before completion, and Didata anticipates the process taking several months, Datacraft said in a statement. (Reporting by Daryl Loo and Paul Sandle; Editing by Quentin Bryar)