EOH share price falls by a third

Cape Town - The share price of JSE-listed information and communications technology services provider EOH dropped by over a third on Thursday. 

Its shares opened the day at R70 and dropped to R38 in intraday trade, before recovering slightly to trade at R45 a share at the close of the local bourse. 

At 17:40 EOH put out a “voluntary announcement” on the JSE’s stock exchange news service saying that it would like to “reassure the market that the business remains strong, with a great leadership team and strong fundamentals”.

It did not give specific reasons for why the share price had declined. 

“Our businesses continue to focus on providing value to our clients through the provision of our technology solutions, knowledge and skills. The breadth of our offerings, the depth of the skills of our people and the diversity across the group are our greatest assets, and provide the Group with a high degree of resilience,” it said. 

It said that it had reached agreements with the former shareholders of three companies, Grid Control Technologies, Forensic Data Analysts and Investigative Software Solutions to “unwind the transaction effective 31 October 2017”.