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BT to Buy Back 30% Interest in South African Unit from AEEI

 In news

BT (BT.A.L) intends to exercise a call option to repurchase a 30% stake in BT Communications Services South Africa from South Africa-based private equity firm African Equity Empowerment Investments.

The British telecommunications company’s call option allowed it to buy back the shares in the event of an act or omission which is not remedied within 60 days, according to a June 4 release.

BT recently said that it would terminate its relationship with the Sekunjalo Group in line with the shareholder agreement, Alliance News reported the same day, citing a BT spokesperson.

“We can confirm the 30% stake in BT South Africa was held by AEEI holding company through its subsidiary, KiloMIX Investments, and the transfer of BT shares to AYO Technology Solutions never took place,” the spokesperson said.

Source: MT Newswires

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