Investment Holding company VenFin has bought about 14.1 million shares in Durban-based Intervid for R4.79 million.
The acquisition, at 34c a share, was carried out by Industrial Electronic Investments, a 100%-owned VenFin subsidiary.
The purchase takes VenFin`s stake in the company to 64.92%, assuming the competition authorities approve the group`s earlier acquisition of Intervid shares owned by the Howard family.
VenFin agreed last month to buy the Howard family`s approximately 33% shareholding after a reversal of a shareholder revolt staged by the family.
The new Intervid board appointed by the Howard family quit only a week after being formed and was replaced by the company`s previous board.
VenFin agreed to buy the Howard family stake after the family declined an offer to buy VenFin`s shares.
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