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Friday, August 20, 2004 - Web posted at 10:42:43 GMT SA's Brait sells 26% stake to black group JOHANNESBURG - South African merchant bank Brait will sell a 26 per cent stake to a group of black investors for 123,8 million rand, it said yesterday. |
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The move is in line with an industry charter aimed at giving black South Africans a bigger slice of the economy and greater access to financial services. Brait said in a statement that its black economic empowerment (BEE) partner would pay for the stake in cash, fully-funded by financiers led by insurer Old Mutual. The financiers have agreed on a six-year funding agreement with Brait's BEE partner. "The transaction also promotes sustainable and meaningful black participation and management in an important sector of the South African economy magnified by Brait South Africa managing over four billion rand of private equity capital and its resultant influence in the South African economy," Brait said. Brait is also listed in London and on the Luxembourg bourse. The consortium taking a stake in Brait included Norho Financial Services, Africa Vanguard Capital, Representative Investments and Orono Trading 25. The deal is the latest in a string of BEE transactions in the financial sector. Last month, Standard Bank and its insurance arm Liberty announced the sale of 10 per cent stakes to black investors for a total of 5,6 billion rand. Brait's Johannesburg-listed shares were untraded from Wednesday's close at 7,00 rand. -Nampa-Reuters |
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