Shares in EOH Holdings plunged by as much as 34.3% in Johannesburg on Tuesday morning after news emerged late on Monday that Microsoft had terminated two partner agreements with the JSE-listed technology services group.
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Listed technology services group EOH Holdings issued a statement to shareholders at 1.41pm on Tuesday, providing an update on the termination by Microsoft of its channel partner agreement.
EOH Holdings has said the potential loss of partner agreements with Microsoft South Africa within the next 30 days won’t have a material impact.
Mystery surrounds a decision by Microsoft South Africa to terminate two partner agreements with JSE-listed technology services group EOH.
EOH Holdings said on Wednesday that it was cleared of involvement over allegations of misconduct at Eskom.
EOH Holdings shares plummeted on Tuesday after Eskom published allegations that its former chief procurement officer was involved in acts of misconduct involving the listed technology group.
Listed technology group Adapt IT reported a slight decline in revenue and flat earnings in the six months ended 31 December 2018 as the weak South African economy took its toll.
Worldwide IT spending is set to reach almost US$3.8-trillion in 2019, according to new research from analyst firm Gartner. This is a 3.2% increase over spending in 2018.
IBM gave a positive forecast for 2019 and beat analysts’ estimates for quarterly sales and earnings, led by its business that helps companies and governments manage their technology.
Zoaib Hoosen has resigned as MD of Microsoft’s South African subsidiary and will be replaced by Lillian Barnard, the software giant said on Monday.