Loading...
See More

Group Five to buy back Mvela stake

Oct 16 2012 08:46 Reuters

Related Articles

Group Five feels the pinch

Group 5 cuts jobs, warns of tough times

Big players ditch PPPs

Group Five profit plunge disappoints

Group Five revises earnings forecast

Group 5 warns of earnings slide

 

Johannesburg - Construction company Group Five [JSE:GBF] said on Tuesday it would buy back a roughly 11% stake in it now held by black empowerment partner Mvelaphanda Group, which is looking to sell off its assets.

Group Five said the shares would be then transferred to black empowerment trusts representing its staff and local community in order to preserve its level of black shareholding.

South African companies are required to keep a certain level of black shareholders under a programme designed to right the inequalities of the apartheid era.


group five  |  mvelaphanda group
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
4 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...