Group Five to buy back Mvela stake

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.