Insurance broker Glenrand MIB on Thursday announced a R103-million black economic empowerment deal, which will take its BEE shareholding to 27 percent.

The company said its current empowerment partners, the Kunene brothers, would lift their stake by 5.9 percent to 11.3 percent, while two new broad-based BEE groups, Ayavuna Women's Investments and Matemek Investments were introduced.

The three BEE groups would each acquire a 5.9 percent stake in three separate transactions, and the financial services group said it would issue new shares to facilitate the transaction.

Shares ended four cents weaker at 229 cents on the JSE on Thursday.

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