Business Connexion: Discovery Life ups stake to 5.06%

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Discovery Life Collective Investments now held a significant stake in Business Connexion, the listed technology company said yesterday. The fund manager had increased its shareholding to 5.06 percent from 4.99 percent, the Midrand-based provider of managed back office services and software added. Business Connexion is pursuing a more aggressive roll-out of its offering into countries including Kenya and Nigeria, where it also hopes to secure new acquisitions. Last week, it reported a 5.5 percent gain in revenue to R3.07 billion for the six months to February. It generated diluted earnings a share of 52 cents compared with 19.5c over the same period last year. Business Connexion shares dropped 1.62 percent to close at R5.45 yesterday. – Asha Speckman

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