FoneWorx has concluded a deal with BEE partner Kabo Capital, which will own 30% of the company.
Kabo Capital will subscribe for new shares as well as buy shares from the existing directory.
The transaction is subject to board approval and due diligence, shareholder and regulatory approvals.
FoneWorx is a telecommunications value-added service provider, and is active in infotainment, business, content and switching.
Services are hosted on FoneWorx`s own platform, which currently comprises in excess of 1 200 channels of digital voice and data, and is the largest independent platform in South
FoneWorx also runs services within Africa through correspondent cellular networks, mainly within the SMS and IVR environment, by hosting services from various countries in Africa on its local platform.
Kabo is a black-owned investment company.