Ecsponent increases stake in fintech company MyBucks

JOHANNESBURG – Specialist financial services company Ecsponent has acquired an additional stake in Frankfurt-listed financial technology company MyBucks, the company said yesterday.

The group said it would buy 444000 shares through a private placement at 9 (R131.86) a MyBucks share. It said it secured an institutional funding line to settle the transaction in cash.

The acquisition, through the group’s wholly owned subsidiary, Ecsponent Botswana, will see Ecsponent’s stake in MyBucks increasing from 9.3percent to 12percent.

Ecsponent chief executive Terence Gregory said yesterday that the acquisition would increase the company’s asset base and bolster one of the core business units, Equity Holdings.

Gregory said …read more