Royal Bafokeng Holdings (RBH), the investment arm of the Royal Bafokeng Nation, has acquired a 30% stake in Praxima, an outsourced payroll and human resource service provider.
This investment, together with a previous acquisition, results in Praxima being 33% black owned. The latest transaction, completed through RBH subsidiary MB Technologies, has also provided the company with the opportunity to invest in a business that has the potential to grow.
The acquisition enhances Praxima's corporate profile, as RBH is one of the leading community-based investment companies in South Africa with investments in resources, industrial, services and financial services sectors.
Royal Bafokeng Holdings will expose Praxima to new business opportunities.
Peter Ibbotson, CEO of Praxima Africa, comments: "The investment provides us with the leverage to grow and reposition the company, attracting new opportunities. It expands Praxima's profile and increases our BEE ownership, moving the company to a new level."
Andrew Jackson, director of strategic investments at Royal Bafokeng Holdings, adds: "We look forward to working with the board of Praxima and we are excited about the potential growth opportunities in the business which will be to the benefit of all stakeholders."
The new board of directors includes Peter Ibbotson, Andrew Jackson, Mluleki Majola, Frans van Zyl, Sharon Tayfield and Luyanda Mgudlwa.