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‘BEE investors to quit Absa’

Black economic empowerment investors in Absa, 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.

Absa head offices in the Johannesburg CBD. Photo: Simphiwe Mbokazi. Credit: Business Report

A special resolution to cash in Absa shares was discussed at the Batho Bonke annual general meeting earlier in the week.

Batho Bonke spokesman 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 percent stake in Absa through the Batho Bonke empowerment scheme.

Batho Bonke holds 3.9 percent 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. - Sapa

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