AltX-listed financial software solutions group, SilverBridge, has concluded a black economic empowerment (BEE) transaction with Kagiso Trust Investment (KTI), which sees 20% of its shareholding in black hands.
In a statement to shareholders last night, SilverBridge revealed KTI had acquired 6.5 million shares, for R14.3 million in cash from existing shareholders.
The transaction was concluded at R2.20 per share, a 10% premium on the listing price of R2 and a 31% discount on yesterday's opening price of R3.20 per share.
KTI's investment in SilverBridge has been supported by Metropolitan Holdings, said SiverBridge. Metropolitan has created a special purpose vehicle, with KTI as the majority shareholder. Additionally, Metropolitan has undertaken to use "its best endeavours" to source its life insurance administration software requirements from SilverBridge.
Andile Sangqu, executive director of KTI, and Justin Van Den Hoven, executive director of Metropolitan International, will join the board of SilverBridge, with Sangqu being appointed non-executive chairman.
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