Pinnacle Technology Holdings shareholders have voted in favour of it buying 10.2% of its shares from Amabubesi Technology.
The company issued a statement on Friday indicating approval was given for it to purchase its empowerment partner, Amabubesi's, entire shareholding in Pinnacle, which amounts to 17.28 million shares.
Pinnacle said in December it would buy these shares from the empowered company at R7.50 a share, which amounts to a total of R129.6 million. Its stock closed at R11.45 on Friday.
The listed company will acquire the bulk of Amabubesi's stock, and subsidiary Pinnacle Holdings will buy the balance.
In October, Pinnacle explained Amabubesi wanted to sell its holding as the fund in which these shares were owned had “reached its investment horizon”. The offer was priced by Amabubesi.
It has retained a portion of the shares to facilitate a new empowerment partner in future.
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