Just a few years back it was one of the hottest sectors on the JSE, with large companies like EOH, BCX and Altron being staples in many portfolios. No more.
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EOH Holdings will publish the findings of a wide-ranging independent investigation into alleged corruption involving public sector contracts, the JSE-listed IT services group told shareholders on Wednesday.
EOH Holdings has sold 70% of subsidiary Construction Computer Software for R444.4-million.
Tiso Blackstar, the owner of various media assets including the Sunday Times, Business Day and the Financial Mail, is selling the rump of its business to Lebashe Investment Group for over R1-billion.
EOH Holdings has moved to strengthen its board, appointing three high-profile nonexecutive directors, including a former MD of Vodacom South Africa.
EOH has appointed Xolani Mkhwanazi as chairman of the board with immediate effect, replacing co-founder Asher Bohbot, who stepped down at the end of February amid a major shake-up in corporate governance.
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EOH Holdings’ shares continued their strong rally into Tuesday as CEO Stephen van Coller told investors that a new base had been established for the technology services group’s future growth.
EOH shares soared nearly 25% on Monday, ahead of interim results on Tuesday, as investors began taking the view that the worst may be over for the battered JSE-listed technology services group.
Technology services group EOH Holdings will report a huge loss for the six months ended 31 January 2019 on the back of significant impairments as the new management team moves to clean up the business.