Adapt IT’s CEO takes leave of absence amid divorce battle reports
Shares fall 13% after reports Sbu Shabalala allegedly hired thugs to beat up his estranged wife’s partner
Sbu Shabalala, the founder and CEO of technology group Adapt IT — the subject of two takeover bids valuing the firm at R1bn — will step aside for three months amid reports that he hired thugs to beat up his estranged wife’s partner.
The shares of the firm, which started trading on the main board of the JSE in 2008, fell as much as 13.14% on Monday, the stock’s worst day in more than a year, amid the allegations surrounding Shabalala’s marriage at the weekend. ..