JSE-listed FrontRange now owns 100% of its US-based subsidiary, FrontRange Solutions, after the US company bought back the remaining 4.8% stake held by minority shareholders.
The total cost of the stake came to $1.1 million.
It follows an 11% share buyback in April, when FrontRange Solutions bought back the shares held by Peregrine Systems for $1.6 million.
That deal took the holding company`s share to above 90%, enabling it to make a mandatory offer to the remaining 31 minority shareholders.
The offer was based on FrontRange`s closing share price of 105c on 10 April, when the offer was formulated.
"This buyback represents a further tangible step in FrontRange`s commitment to enhancing shareholder value," says FrontRange CEO Dana Buys.
"Owning 100% of the US subsidiary enables us to simplify the structure of the group and provides shareholders of FrontRange with an undiluted and clear line of sight to the performance of the core operating entity, FrontRange Solutions."
In February FrontRange reported headline earnings of R167 000 or 0.1c a share compared with a loss of R155.3 million or 98.7c a share previously.
The company`s share was trading unchanged at 150c this morning.
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