Johannesburg-based ICT solutions provider Choice Technologies has become a 100% black empowered company, following a deal concluded in December, in which a black economic empowerment (BEE) entity bought out a 49% stake in the company.
Choice MD Semela Tseka says an official announcement regarding the deal will be made shortly, but would not, at this stage, reveal the identity of the new investor.
Last year, the company revealed it was seeking a funder to buy the 49% stake held by Dimension Data, as well as to give Choice a cash injection of R10 million.
Tseka confirms the capital investment has also been secured as part of the deal with the as-yet unnamed BEE group, saying the transaction is "all inclusive".
He refused to be drawn on further details before an official press announcement is made.
In terms of an agreement with Dimension Data, Tseka earlier stated the value of the stake would not be revealed publicly.
He also denied, at the time, media reports that Choice was in financial trouble, claiming the company had sufficient cash flow to pay staff salaries, and said it was preparing to participate in a number of large projects.
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