Black economic empowerment investors out of Absa Group Limited

JOHANNESBURG – Black economic empowerment investors in Absa Group Limited, including Human Settlements Minister Tokyo Sexwale’s Mvelaphanda Group, are set to sell their stake in the banking group, City Press reported on Sunday. The shares are valued at a collective R2,2 billion, after tax.

A special resolution to cash in Absa shares was discussed at the Batho Bonke annual general meeting earlier last week.Batho Bonke spokesperson Chris Vick told City Press no time frames for the disposal had been set, but disposal options would be considered.Mvelaphanda holds a 2,28 per cent stake in Absa through the Batho Bonke empowerment scheme.Batho Bonke holds 3,9 per cent of Absa.Sexwale resigned from directorships when he was appointed to the Cabinet in 2009, but still holds shares in Mvelaphanda through a blind trust.Sexwale is expected to challenge President Jacob Zuma for the ANC presidency in December.Political analyst Steven Friedman told the newspaper that money was ‘incredibly important’ in a presidential campaign. – Nampa-Sapa