Johannesburg - Mabindu Trust secured a 49.5 percent stake in Shanduka after South African Deputy President Cyril Ramaphosa disposed of his interest in the holding company he founded.
Shanduka’s other shareholders are China Investment Corporation, the nation’s sovereign wealth fund, with 33.6 percent, and Standard Bank, with 16.9 percent, Shanduka said in an e-mailed statement yesterday.
It didn’t disclose whether Mabindu, a non-profit entity that was set up in 2002 and financed by Shanduka to promote business development, paid for the stake or how the transaction was carried out.
“We will continue to pursue our vision of a black-owned and managed company,” Shanduka’s chief executive Phuti Mahanyele said in the statement.
Ramaphosa announced plans to dispose of his regulated business interests after winning the deputy leadership of South Africa’s ruling African National Congress in 2012.
He retains the South African franchise for McDonald’s and real estate interests.
In May, Shanduka announced that its majority shareholders would merge their interests with those of Pembani Group, enabling Ramaphosa to exit the company.
While the transaction fell through, discussions between Pembani, Standard Bank and China Investment are continuing, Shanduka said yesterday. - Bloomberg News