JSE-listed tech firm EOH has announced that the company, now 51% black-owned, has completed the Lebashe transaction.
The tech firm said in March that it would introduce Lebashe as a strategic empowerment partner.
The company informed investors on Monday that the transaction has been implemented with effect from today.
“EOH Shareholders are advised that, following the receipt by EOH of R500 million from Lebashe, the subscription EOH ordinary shares (7, 37 million), the subscription EOH A shares (40 million) and the First Tranche (6, 77 million) have been issued to Lebashe,” the company said.
“Following the issue of the EOH shares to Lebashe pursuant to the transaction and including the 265 044 EOH ordinary shares previously held by it, Lebashe now holds 54 413 994 EOH shares, amounting to 26.3% of the total EOH Shares in issue (including treasury shares and EOH A shares). “
The Transaction will increase the total black shareholding of EOH to over 51%.
“As the largest technology company in Africa, completing this landmark transaction with Lebashe, also making the Group majority black owned, is an important and exciting milestone in the transformation of South Africa’s economic landscape,” said Stephen van Coller, EOH’s CEO.
“We at EOH are proud to be making a leading contribution on this front.”