Acucap sells stake to BEE company
2006-02-14
Johannesburg - Listed property group Acucap Properties (ACP) has unveiled a black economic empowerment (BEE) transaction that will see BEE group Thesele becoming a 10 percent linked unit holder of Acucap for R168.9 million.
Thesele was formed in December 2004 by Sello Moloko, formerly the chief executive officer of Old Mutual Asset Managers and deputy chief executive officer of Brait Asset Managers, Thabo Leeuw and Lance Katz, all of whom own the majority of shares in Thesele, while 10 percent of the company is held by the Thesele Foundation, a development trust dedicated to the upliftment of women and children in disadvantaged communities. Moloko is executive chairman of Thesele.
Thesele was formed in December 2004 by Sello Moloko, formerly the chief executive officer of Old Mutual Asset Managers and deputy chief executive officer of Brait Asset Managers, Thabo Leeuw and Lance Katz, all of whom own the majority of shares in Thesele, while 10 percent of the company is held by the Thesele Foundation, a development trust dedicated to the upliftment of women and children in disadvantaged communities. Moloko is executive chairman of Thesele.
Announcing the terms of the transaction, Acucap said Thesele would acquire 7.582 million Acucap linked units following a specific issue of new Acucap linked units for cash, for a total of R168.9 million. This represented a price of R22.27 per Acucap linked unit.
The funding for the deal will be provided by Nedbank Corporate Property Finance.
Moloko will join the board of Acucap as a non-executive director.
Source: Business Report - www.busrep.co.za
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