NEDCOR TAKES IQ STAKE

NEDCOR will announce ”a substantial investment” in unlisted IQ Business group it has been reported. Business Report said Nedcor would outline its continued investment in Dimension Data at a news briefing and quoted IQ Chief Executive Johan Roets as saying Nedcor would take a more than 20% stake in IQ for more than R100m. Roets said IQ would probably issue new shares to Nedcor. Nedcor has 20% of Didata’s offshore operations Dimension Data International. It is expected that Nedcor will switch this interest into the London-listed holding company. Last week, Nedcor said it would announce two new investments in IT companies. – Reuters