Acucap sells stake to Moloko's BEE company

Posted On Tuesday, 14 February 2006 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Acucap Properties has unveiled a BEE transaction that will see BEE group Thesele becoming a 10% linked unit holder of Acucap for 168.9 million rand

Property-Housing-ResidentialListed property group Acucap Properties has unveiled a black economic empowerment (BEE) transaction that will see BEE group Thesele becoming a 10% linked unit holder of Acucap for 168.9 million rand.

Thesele was formed in December 2004 by Sello Moloko, formerly the CEO of Old Mutual Asset Managers (OMAM) and deputy CEO of Brait Asset Managers, Thabo Leeuw and Lance Katz, all of whom own the majority of shares in Thesele, while 5% 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 168.9 million rand. This represented a price of 22.27 rand 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.

Last modified on Thursday, 08 May 2014 13:30

Please publish modules in offcanvas position.