A change in the shareholder structure of Gadlex has had the effect of improving Business Connexion`s (BCX`s) black economic empowerment (BEE) status.
Gadlex, which owns 25.01% of Business Connexion`s shares, is itself 64.91% owned by BEE entities or individuals.
However, BCX has advised shareholders that the BEE shareholders in Gadlex have acquired an additional 32.09% stake in Gadlex from the minority shareholders, bringing the total BEE ownership of Gadlex to 97%.
The remaining 3%, BCX adds, is held by a trust for the benefit of employees.
BCX has provided a payment guarantee to the deal`s funder, up to R67 million. The guarantee expires on 15 January 2007, it says.
Gadlex is the investment holding company of the original Business Connexion, the empowerment partner which merged with the former Comparex Africa to create BCX.
The BCX share was trading at 560c on the JSE this morning, up 5c or 0.9% from yesterday`s close. Yesterday the share lost 15c or 2.6%.
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