Cape Town - Sagamartha Technologies will consider alternative listing options in the wake of their non-listing on JSE.
Sekunjalo chairman Dr Iqbal Survé said in an interview with the SABC.
Survé says that the campaign to thwart the listing by competitors was "anti-transformation".
He said that the management team at Sagamartha were highly skilled and brought a wealth of experience to the table.
Survé says that his support of broad-based black participation in the economy "scared the crap" out of certain established interests in South Africa.
"They (established interests) don't like wealthy black people that are independent," says Survé.
"This is about defending our democracy. I will never allow them to intimidate me or our group of companies," he added.