Announced
Financials
Sources
Tags
South Africa
Asset Managers and Custodians
Pending
Private
Majority
pension scheme
Domestic
Single Bidder
Acquisition
Friendly
Private Equity
Synopsis
Kagiso Capital, an investment firm, agreed to acquire a 50% stake in Phuthuma Nathi, an economic empowerment share scheme, from Brimstone, an investment holding company, for $12m. As recently communicated to shareholders, in light of the general economic uncertainty at present, the board of directors of Brimstone has undertaken a strategic review of its investment portfolio having regard to its long-term strategy. The board has identified assets that it believes can be partially or fully disposed of at acceptable valuations without jeopardising this strategy. The disposal of a portion of Brimstone’s indirect shareholding in Phuthuma Nathi is in accordance with the outcome of this strategic review and the board is confident that it is a prudent course of action to take at this time.
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