Labat Africa secures R2.5bn distribution deal

Labat Africa (JSE:LAB) announced a R2.5 billion strategic royalty distribution agreement with Ubits Technology Solutions, a leading FinTech company specializing in turnkey ICT solutions for the global banking and financial sector. The agreement, structured as a five-year term including Classic International and Anahmu Investments, will allow Labat to service Ubit's clients across all systems and ICT solutions. Labat has completed the acquisitions of 75.55% of Classic International and 51% of Anahmu Investments. This deal is expected to significantly enhance Labat's growth in the technology and AI sectors and will focus on the African market, particularly the SADC region. The company expects this partnership to generate substantial value for shareholders and further solidify its position in the ICT sector.