IT solutions provider EOH agrees to sell its subsidiary Sybrin for US$24.7m to clear debt

SOUTH AFRICA – Business and IT solutions provider EOH Holdings, has announced the sale of its  subsidiary Sybrin for a cash consideration of US$24.7 million to pay down debt. The business, which currently sits under EOH Mthombo, is being bought by a black-controlled consortium called K2020893770 for cash. The consortium is made up of One Thousand & One Voices Management (Mauritius) and Crossfin Technology Holdings and their black economic empowerment partners led by Isaac Mophatlane, the co-founder of Business Connexion, now BCX with his late brother Benjamin Mophatlane. One Thousand…

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IFC and IFC Financial Institutions Growth Fund invest in payments provider Adumo

SOUTH AFRICA – The International Finance Corporation (IFC), a member of the World Bank Group and the IFC Financial Institutions Growth Fund, have invested in Adumo, South Africa’s largest independent payment provider with a presence in 13 African countries. The investment consists of up to US$15 million in preferred shares to fund the growth of the company. The investment will support Adumo to make digital payment systems more affordable and accessible to smaller businesses in Africa, many of which currently rely on cash transactions. “Through this investment in Adumo, we will…

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