However, the transaction is still subject to regulatory approvals and is effective from June 1. The Anchor Group said upon completion of the conditions, Anchor Stockbrokers would become a Level II broad-based black economic empowerment contributor.
Anchor Group chief executive and founder Peter Armitage said it was excited about the new partnership, which formed part of its ongoing initiatives to transform their business. The agreement between the companies will see Ngebulana becoming the non-executive chairperson of Anchor Stockbrokers.
Ngebulana has 25 years of experience in the property sector and is the founder of Rebosis, the first black-owned real estate investment trust to list on the main board of the JSE.
He said given regulatory changes, corporate governance demands and intensifying competition, it was increasingly important that research houses remained autonomous and flexible to provide clients with objective insights and analysis. “The transaction will enable a boutique house such as Anchor Stockbrokers to leverage its track record and independent thinking, especially within real estate and related sectors,” Ngebulana said.