The group is seeking to bolster it empowerment credentials as part of its growth strategy
21 November 2019 - 09:02
bykarl gernetzky
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
ICT-focused Huge Group said on Thursday it was close to adopting a new empowerment transaction that should help boost its credentials in its pursuit of growth.
Shareholders are expected to approve a B-BBEE transaction involving Huge Connect and Windfall on Monday, the company said, amid its “growing Huge strategy”.
This strategy aims to provide a platform for growth, including through building the company's profile and improving its empowerment credentials.
The transaction will involve Huge Connect, which provides payment services for 32,000 merchants, and Windfall. Windfall would ultimately own 16.296% of Huge Connect.
“We have built some of the capacity that we need to deliver our ‘growing Huge strategy’,” CEO James Herbst said. “The results have been very encouraging and bode well for the delivery of faster and more meaningful outcomes,” he said.
Huge Group reinstated its interim dividend to end-August, distributing 6.25c per share.
Total revenue in the group's six months to end-August rose 14% to R245m, with gross profit jumping 43% to R180m.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Huge Group closes in on empowerment deal
The group is seeking to bolster it empowerment credentials as part of its growth strategy
ICT-focused Huge Group said on Thursday it was close to adopting a new empowerment transaction that should help boost its credentials in its pursuit of growth.
Shareholders are expected to approve a B-BBEE transaction involving Huge Connect and Windfall on Monday, the company said, amid its “growing Huge strategy”.
This strategy aims to provide a platform for growth, including through building the company's profile and improving its empowerment credentials.
The transaction will involve Huge Connect, which provides payment services for 32,000 merchants, and Windfall. Windfall would ultimately own 16.296% of Huge Connect.
“We have built some of the capacity that we need to deliver our ‘growing Huge strategy’,” CEO James Herbst said. “The results have been very encouraging and bode well for the delivery of faster and more meaningful outcomes,” he said.
Huge Group reinstated its interim dividend to end-August, distributing 6.25c per share.
Total revenue in the group's six months to end-August rose 14% to R245m, with gross profit jumping 43% to R180m.
gernetzkyk@businesslive.co.za
Alibaba raises $11bn in largest Hong Kong listing in nine years
Amazon targets cashierless supermarkets in 2020
Stor-Age a standout performer in latest results season
Companies in this Story
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
Crispr surges 21% on results of in-human study using gene-editing tool
Technology can boost credit ratings, says Moody’s
SoftBank to create Japan internet rival to take on GAFA tech giants
SA's first digital-only insurers already spreading their wings
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.