The IST Group has issued options for 11 million shares to new empowerment partner AKA Capital.
IST is an electronic and software technology-driven group which operates in the telecommunications, energy, industry and defence sectors.
The firm listed on the JSE in 1998 with empowerment company, Co-ordinated Network Investments (CNI), as partner.
CNI was funded by Gensec NSA and held 29% of IST`s issued share capital at the time of listing.
The funding arrangement matured in December last year and IST announced that the control of CNI had reverted back to Gensec NSA.
AKA Capital - formed by key figures from CNI - will acquire the voting rights of CNI`s stake in IST, now representing 32% of IST`s issued share capital.
IST repurchased 11 million of its shares on the open market last year to facilitate the latest transaction.
"It is one of IST`s key strategic objectives to have a meaningful empowerment presence in our shareholder base. We believe the new relationship with AKA Capital will secure and enhance that, particularly as AKA Capital will be an active partner, providing IST with certain services as well as access to its wide-ranging business and information networks," says IST chief executive Harry Coetzee.
The IST Group increased its headline earnings for the six months to August by 468% and Coetzee commented at the time that IST`s electronic division had tenders under adjudication of over R1 billion.
He also said the group was well on track to meet its earnings forecast of 10c per share for the full year to February 2002.
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