J&J Group, JSE-listed Faritec Holdings` black economic empowerment (BEE) stakeholder, bought 7.1 million Faritec shares in the open market last week.
The stake, worth about R3.5 million, represents a shareholding of more than 5%.
J&J acquired 30% of Faritec (Pty) Ltd - the unlisted entity through which Faritec conducts its business operations - in April 2003.
Faritec, which says its BEE stakeholder plans to increase the stake even further, recently said it expected to make a profit for the year to June, compared with a loss for the previous year.
Earnings per share should improve to between 4.6c and 5.2c while headline earnings per share are expected to improve to between 1.8c and 2.2c.
Last year the group incurred a headline loss of 8.6c a share.
J&J Group CEO Jayendra Naidoo says his company is keen to increase its partnership with Faritec, which he adds has a positive reputation in the marketplace and solid management committed to working with J&J to create value.
Faritec says J&J`s board also considered that an additional direct shareholding would assist Faritec in meeting the ICT BEE charter and other BEE procurement requirements.
The Faritec share was untraded at 50c on the JSE this morning.
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