On the eve of announcing the deal to the broader public, Itec CEO Jacques Duyver said Ikamva Labantu was chosen as a BEE partner because Itec wanted to broaden the scope of its BEE activities.
Ikamva Labantu is one of the country`s largest NPOs and has been in existence for 30 years.
Under the BEE deal, Ikamva Labantu takes a 50.1% stake in Itec, with the equity transaction being paid off through dividends. The deal is effective from 1 March and, under the new structure, the NPO will have three executives on the six-man Itec board.
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