Ramaphosa to exit Shanduka through Nhleko
Deputy President Cyril Ramaphosa has agreed to combine his interests in Shanduka with a company controlled by the man who built MTN into Africa’s biggest cellular network operator as he focuses on politics. The companies said yesterday that Shanduka’s majority shareholders would merge their interests with those of Pembani, controlled by Phuthuma Nhleko, to create a company with a gross asset value of R13.5 billion. “The proposed transaction will enable Cyril Ramaphosa to exit his business interest in Shanduka to focus on his responsibilities in government and to ensure that his family’s business interests do not conflict with his functions in government,” the companies said. Shanduka holds the South African franchise for McDonald’s and has a coal-mining venture with Glencore Xstrata. Pembani holds a stake in fuel retailer Engen, which is owned by Petroliam Nasional of Malaysia, and has investments in companies including the local coal unit of BHP Billiton. Shanduka shareholders Standard Bank and China Investment Corporation, the country’s sovereign wealth fund, will have stakes in the new company. The deal was announced on the day Ramaphosa was sworn in as deputy president. – Bloomberg
Koeberg unit back but power ‘tight’
The second unit at Eskom’s Koeberg nuclear plant was back in commission but electricity supply would remain tight this week, the power utility said yesterday. The unit was shut on March 23 for scheduled maintenance. “The system is tight for tonight over the evening peak, and is expected to remain tight over the evening peaks for the next few days due to higher demand with the colder weather conditions,” Eskom said. – Reuters