Sekunjalo Investment Holdings (Sekunjalo), the privately held black economic empowerment investment conglomerate, announced that it has increased its shareholding in its listed subsidiary, African Equity Empowerment Investments Limited (AEEI), by an additional 4.22%.

Sekunjalo while making the disclosure on Monday said it has acquired an additional 20.7 million shares at a value of R2.21 per share with a total acquisition price of R41.3m. As a result of this transaction, Sekunjalo's effective shareholding will increase from 56.87% to 61.09% in its listed subsidiary.

Awande Dlamini, spokesperson for Sekunjalo, announced that Sekunjalo increased its shareholding in AEEI "as part of its longer term strategy of investing in companies showing excellent growth such as AEEI".

"Sekunjalo is confident that AEEI will continue to deliver above-market returns due to its diverse portfolio and very strong asset value, balance sheet and cash flows," Dlamini said in a statement.

"Sekunjalo is confident that the management team and the board of directors of AEEI will continue to achieve the objectives of increasing shareholder value in AEEI's investment portfolio."