File image: IOL
File image: IOL

JOHANNESBURG -  The Competition Tribunal has unconditionally approved the acquisition of a 65 percent stake in Peregrine Securities by Nkholi Consolidated Investments.

Through its operating subsidiaries, Peregrine is one of the largest stockbroking operations in South Africa with a client base of local and foreign hedge funds, investment banks, institutional fund managers, life assurers and high-net-worth individuals.

Nkholi is a black economic empowerment consortium formed by the management of Legae Securities -- a South African company established in 1996 as the first black-owned and managed stock broking firm -- together with the management of Peregrine Securities and others.

Effective immediately, the two businesses will merge into an entity renamed Legae Peresec, the largest black-owned, managed and controlled independent financial securities company in South Africa with 51 percent black ownership, more than 30 percent being black women.

Chief executive of Legae Securities James Stewart and Peregrine equities director and head of trading technology Tshepo Maseko will lead the combined business. 

"This is a very exciting event for both companies and their employees, our clients, and the industry at large. Our clients will now have access to increased liquidity and capital, world class financial technologies and even more robust risk management processes," Maseko said.

"Legae Peresec will retain focus on its founding values of client-centricity, care, integrity, proficiency, and a profound desire to promote sustainable transformation and development in South Africa’s financial market," Stewart added.

Building on its broad capability in the institutional, equity and derivatives markets, Legae Peresec's sights are set on achieving the largest market share on the Johannesburg Stock Exchange while supporting new market infrastructure entrants.

- African News Agency (ANA)