Ramaphosa breaks away from Shanduka - CNBC Africa

Ramaphosa breaks away from Shanduka

Southern Africa

by Trust Matsilele 0

South Africa's deputy president Cyril Ramaphosa strips from Shanduka. PHOTOS: incwajana/Thehouseofcards

The move marks the completion of a process that Ramaphosa initiated soon after his appointment as deputy president.

Shanduka Group is invested in a diverse portfolio of listed and unlisted companies, with key holdings in the resources, food and beverage industries.  

(READ MORE: S.Africa’s Ramaphosa to exit stake in Shanduka)

This action is meant to remove the potential for any conflict of interest between his role as the country’s number two and his business interests.

“In effecting Mr Ramaphosa’s exit, Shanduka has disposed of certain assets in ‘non-regulated’ sectors to Mr Ramaphosa. These include properties and McDonald's South Africa. Shanduka Group will retain the bulk of its assets, predominantly in resources and energy,” read the group statement.

According to the statement, Shanduka’s new shareholding comprises of Mabindu Trust (49.5 per cent), a non-profit entity set up in 2002 and financed by Shanduka to promote enterprise development, the China Investment Corporation (33.6 per cent) and Standard Bank (16.9 per cent).

A proposed transaction announced earlier this year that would have seen a merger of the assets of Shanduka and Pembani Group was not successful, but discussions between CIC, Standard Bank, Pembani and other interested parties are ongoing.

Shanduka Group chief executive Phuti Mahanyele said Shanduka is a successful and established investment holding company.

“Since our formation 13 years ago, we have built up a capable and experienced leadership team and skilled professionals. We will continue to pursue our vision of a black-owned and -managed company creating value for all our stakeholders,” said Mahanyele.

(READ MORE: S.Africa’s Ramaphosa says miners' living conditions "inhumane")

The group holds an 18 per cent interest in Lonmin plc’s two principal operating subsidiaries, Western Platinum Limited and Eastern Platinum Limited and a 26 per cent stake in the Akanani platinum project. 

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