Software services group Adapt IT eked out a 1% improvement in revenue in what will likely be its final set of results as a listed company on the JSE.
Browsing: Sbu Shabalala
Newly appointed Adapt IT CEO Tiffany Dunsdon will remain based in Perth, where she has lived for the past 12 years.
Adapt IT, the software services group that is currently the subject of a takeover by Volaris Group, said on Tuesday that it expects to report a 1% improvement in revenue for the 12 months to June 2021.
Adapt IT CEO Sbu Shabalala has resigned with immediate effect after agreeing to go on a leave of absence three months ago related to serious armed assault allegations against him.
The share price of Adapt IT jumped by more than 18% in intraday trading on Monday following Huge Group’s unexpected decision on Friday to dramatically up its offer to buy the JSE-listed software services group.
Huge Group, it seems, doesn’t give up without a fight. The telecommunications specialist has dramatically increased its all-share offer for Adapt IT.
Adapt IT CEO Sbu Shabalala said on Tuesday that the serious allegations levelled against him in a weekend newspaper report are “without merit”.
Adapt IT said on Monday that its long-serving CEO, Sbu Shabalala, will take a leave of absence for three months to “attend to personal matters”.
Adapt IT CEO Sbu Shabalala has been accused of hiring armed thugs to beat up his estranged wife Neo’s partner, suspended eThekwini city manager Sipho Nzuza, according to a report published on Sunday.
Huge Group, whose bid for Adapt IT is in grave doubt following a rival, all-cash offer from Volaris Group, has accused Adapt IT management of “looking after themselves and not their shareholders”.