Xtenda Finance Limited acquired 25% stake in Ecsponent Financial Services Limited from Ecsponent Limited (JSE:ECS) for ZAR 24.8 million on July 29, 2020. Under the terms, 2.7 million shares of Ecsponent Financial will be acquired. In a related transaction, MyBucks S.A and Barkat Ali will sell 20% stake in Ecsponent Financial. Ecsponent Financial reported net asset of ZAR 71.4 million and net profit after tax of ZAR 1.6 million. The proceeds from the transaction will be used to settle high yield current debt. The transaction is subject to execution of ancillary disposals, execution of shareholders agreement and approval of Central Bank of Zambia on or before September 30, 2020.The transaction is not subject to shareholders approval. As of January 20, 2021, date for fulfilment of the conditions precedent for the disposal has been extended to January 31, 2021. The transaction is expected to be effective on or before September 30, 2020. As of January 21, 2021, date for fulfilment of the conditions precedent for the disposal has been extended to March 31, 2021.