Cape Town - Remgro, the investment holding company, yesterday announced that it had bought a 37 percent stake in Kagiso Trust Investments (KTI), the black investment group, for R450 million.
The company said it had bought the stake from Liberty Life, the insurer, and Nedbank Group.
The acquisition is effective from August 1 and now awaits approval from the competition authorities.
Remgro has interests in tobacco, banking and financial services, printing and packaging, engineering and motor components, life assurance, mining, petroleum products, food and wine and medical services.
The acquisition would provide the opportunity for Remgro and KTI to jointly pursue investment opportunities with their combined industry expertise, strengthened by the empowerment credentials of KTI.