Media group Moneyweb Holdings has repurchased 11.05 percent of its shares in order to facilitate the funding of a black economic empowerment partner.

The online financial news provider said it had bought 8.6 million shares for about R2.93-million, in accordance with general authority obtained at its August 2004 general meeting.

The shares were funded from available cash resources.

Moneyweb said the repurchases were effected as part of its desire to create a block of treasury shares which can be used to effect an empowerment transaction.

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