Kunene Solutions & Services (KSS) has sold an 8% stake to sales manager Dennis Naidoo, raising the company`s black economic empowerment (BEE) shareholding from 28% to 36%.
The value of the deal has not been disclosed.
The shares are being held by Utho Technologies, a subsidiary of private holding company Utho Investment Holding.
Naidoo is to become an executive director at KSS, while Sheila Galloway from Utho Investment Holding is also to join the KSS board.
Previous BEE shareholder Kunene Brothers Holdings sold its shares to focus its interests on its other technology entities, the company says.
"The change in shareholding has allowed us to partner with a company that will be instrumental in our operations, creating an additional partner with a company that will be instrumental in our operations, creating an additional resource and skill set for us to draw on," says KSS MD Andre Maree.
o KSS says that Dennis Naidoo`s 8% stake is not being held by Utho. In fact, Utho holds a separate 25% stake that was part of the shareholding previously owned by Kunene Brothers.
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