JOHANNESBURG - Technology company EOH said on Tuesday its subsidiary EOH Mthombo had entered into a share purchase agreement with RIB Limited, a subsidiary of German-listed RIB Software SE, to dispose of a 70 percent interest in Construction Computer Software for R444.39 million.
The company has also entered into a reciprocal put and call option for the disposal of the remaining 30 percent of the issued ordinary share capital of CCS, a key provider of enterprise software solutions for the construction and engineering industries, after December 2022.
RIB, which leads the digitisation of the construction industry with its software technology, is operational in almost 30 countries.
"CCS’ access to RIB’s broad development network, international business analysts and development teams, will greatly enhance CCS’ growth strategy," EOH said in a statement.
"Through EOH’s remaining 30 percent holding of CCS, EOH will participate in the company’s growth trajectory."
The transaction was a significant milestone in EOH’s strategy to align with key partners which enabled the scaling up of unique software businesses identified within the group’s fold, it added.
The EOH group is the largest technology business in Africa, providing the technology, knowledge, skills and organisational ability critical to the continent's development and growth.
- African News Agency (ANA), Editing by Stella Mapenzauswa