Black empowerment firm Bafokeng Investment Services (BIS) has acquired 26% of AltX-listed Alliance Data Corporation (ADC) for R5.4 million.
ADC, which develops software mainly for the mining industry, had agreed to sell the six million shares to Orelebe Investments, as stated in the group`s prospectus in March.
However, it says the Orelebe deal fell through, resulting in the decision to sell the shares to BIS at 90c each to create a black economic empowerment (BEE) shareholding in ADC.
BIS is owned by Peter Maema, who has been appointed to the ADC board.
The group, which is listed on the JSE`s alternative exchange, AltX, says the deal will provide a presence in the Rustenburg area, which will give it a marketing springboard and support base among the mines in the area.
"The BEE shareholding will also facilitate the expansion of ADC`s business and introduce and retain the critical skills base that is essential to ADC`s business going forward," it says.
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