African Equity Empowerment Investments (AEEI) has bought a 57% stake in Puleng Technologies for an undisclosed amount. The acquisition is set to significantly increase the revenue of AEEI’s technology division as well as the group’s overall bottom line. The deal, effective from October 1, was partly settled through the issuing of shares in AEEI’s technology subsidiary, which AEEI plans to list in the next three to five years. AEEI CEO Khalid Abdulla said a "sizeable percentage of AEEI’s value now resides in its technology division." It is anticipated that AEEI’s investment in Puleng will have a pay-back period of three to four years. "This ‘payback’ excludes the anticipated exponential capital appreciation expected from this investment," said Abdulla.
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