Transportation and mobility group Imperial Holdings announced in a statement on Tuesday that it would sell a 7.25 percent stake in the company to empowerment group Lereko Mobility.

Formed last year, Lereko Mobility is 51 percent owned by a consortium made up of Lereko Investments and community and women’s groups, with the remaining 49 percent held by Imperial.

Imperial noted that the deal is valued at a total of R1.4-billion or the equivalent of 96.85 rand per Imperial share sold.

To avoid diluting existing share, the company said it would repurchase 14.5 million ordinary shares at 96.85 rand per share from its shareholders, excluding existing BEE partners.

Imperial shares rose 150 cents to end at 99.50 rand on the JSE on Tuesday.

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