Absa Capital partners with Thebe Investment Corporation
Absa Capital and Thebe Investment Corporation ("Thebe"), South Africa's oldest BEE investment holding company, announced today that they had concluded an agreement whereby Absa Capital acquired a stake in Thebe.
In terms of the agreement, Absa Capital now holds a 15.54% stake in Thebe. Absa Capital will also have board representation. The majority shareholder is the Batho Batho Trust - a community based Trust which was set up to support the efforts of the historically disadvantaged in South Africa.
Thebe is led by Vusi Khanyile (chairman) and James Alderslade (group financial director). Thebes leadership team, both at board and executive management level, possesses a skills set that include strong strategic planning, corporate governance credentials, tight financial and operational management, entrepreneurial flair and visionary thinking.
Thebe chairman and chief executive officer Vusi Khanyile welcomed Absa Capital as new shareholders. "The Thebe Group of Companies and board of directors are delighted to welcome Absa Capital as our newest shareholder, and look forward to using the strong local and global capabilities available to us to grow the business across the Group and deliver optimal shareholder returns."
Thebe's main business activity is focused in five areas, namely
* Financial Solutions
* Insurance
* Healthcare
* Tourism and
* Strategic Investments.
Thebe also has strategic investments in companies as diverse as Shell South Africa, Kaya FM, Intsika Capital, CareCross and Combined Motor Holdings.
"The strategic relationship with Thebe will assist Absa Capital in delivering empowerment solutions effectively and with increased credibility to the market. Our vision has been consummated with partners that we trust and respect and it provides us with a solid foundation for continued growth and success in aligning Absa with the national agenda," comments Andre Pieterse, head of Equity Investments at Absa Capital.
