Pembani chairperson Phuthuma Nhleko
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – Shareholders of Pembani and empowerment group Shanduka have signed the transaction agreements and submitted the requisite regulatory filings related to the merger of the two companies to form a black-controlled natural resources and industrial group.
The completion of the transaction remained subject to the required regulatory approvals and consents being obtained and the finalisation of ancillary transaction documents.
The newly formed group would have a portfolio valued in excess of R9-billion and be led by Pembani cofounder and chairperson Phuthuma Nhleko.
Its assets would include interests in petrochemical group Engen, concrete manufacturer AfriSam, minerals company Shanduka Resources and banking groups Standard Bank and the Liberty Group.
As a result of his divestment from Shanduka, which was announced in November last year, Shanduka founder and Deputy President Cyril Ramaphosa would not have any shareholding or any direct or indirect commercial interests in the group.