Zaptronix, a developer of e-business solutions, has struck a black economic empowerment (BEE) deal that sees Royal Bafokeng Capital (RBC) take a 30% stake in the JSE-listed company.
At the same time, Zaptronix has announced the transfer of its listing to the JSE`s Alternative Exchange (AltX).
RBC is 50.1%-owned by Royal Bafokeng Finance, while Strider Holdings - Zaptronix`s controlling shareholder - holds the remaining 49.9%.
Zaptronix says in a statement that Strider is facilitating the deal by the transfer of about 13.8 million Zaptronix shares to RBC at 16c a share. This values the deal at about R18.2 million.
"The board regards the transaction as a milestone event in the company`s history and is excited about the benefits that the involvement of, and association with, Royal Bafokeng Capital will bring," Zaptronix says.
"The transaction is viewed as a crucial step in positioning the company for future organic and acquisitive growth."
As part of the deal, Zaptronix granted RBC the right to subscribe in future for up to 113.8 million new shares at 16c a share, subject to various conditions.
The Zaptronix share closed at 13c on Friday, up 2c or 18.2% on Thursday`s close.
At the end of last year Zaptronix reported attributable income of R3.76 million for the 16 months to August 2005 on turnover of R28.29 million.
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