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.
Browsing: Sbu Shabalala
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.
Software services group Adapt IT will return to its strategy of acquisitive growth in its next financial year after it addressed investor concerns about the debt load on its balance sheet.
Adapt IT, the software services company that’s the subject of a takeover bid by Huge Group, has delivered a solid set of interim results for the six months to end-December 2020.
Software services group Adapt IT on Monday published full-year financial results to 30 June 2020 that showed remarkable resilience in the face of the Covid-19 pandemic and lockdown.