Kagiso Capital to acquire a 50% stake in Phuthuma Nathi from Brimstone for $12m.

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.