Published: Thursday, 18 October 2007 14:47
RBH, the investment arm of the Royal Bafokeng Nation, has acquired a 30% stake in Praxima, an outsourced payroll and Human Resource (HR) service provider.
Royal Bafokeng Holdings, the investment arm of the Royal Bafokeng Nation, has acquired a 30% stake in Praxima, an outsourced payroll and Human Resource (HR) service provider. This investment, together with a previous acquisition has resulted in Praxima being 33% black owned. The transaction has also provided Royal Bafokeng Holdings with the opportunity to invest in a business that has the potential to grow.
The acquisition enhances Praxima’s corporate profile, as RBH is one of the leading community–based investment companies in South Africa with investments in resources, industrial, services and financial services sectors.
Royal Bafokeng Holdings will expose Praxima to new business opportunities. Explains Peter Ibbotson, CEO at Praxima Africa: “The investment provides us with the leverage to grow and reposition the company, attracting new opportunities. It expands Praxima’s profile and increases our BEE ownership, moving the company to a new level.”
Says Andrew Jackson, Director of Strategic Investments at Royal Bafokeng Holdings: “We look forward to working with the board of Praxima and we are excited about the potential growth opportunities in the business which will be to the benefit of all stakeholders.”
The new board of directors includes Peter Ibbotson, Mluleki Majola, Frans van Zyl, Sharon Tayfield and Luyanda Mgudlwa.
Royal Bafokeng Holdings
Director: Strategic Investments
Tel: +27 (0) 11 219 6000