Changes
25 October 2005 | People and Companies | Mergers & Acquisitions | Angelo Coppola
Insurance broking and financial services group Glenrand M.I.B has concluded a black economic empowerment (BEE) transaction that will increase BEE shareholding in the group to 27.4%.
The transaction introduces two new broad-based BEE groups - Ayavuna Women's Investments and Matemeku Investments - and increases the shareholding of Glenrand M.I.B's long-standing BEE partner, Kunene Brothers.
Kunene Finance Company already owns 6,1% of Glenrand M.I.B (prior to dilution of shares), and a further 5,9% (post issue of new shares and repurchase) will be acquired by its holding company, Kunene Brothers Holdings (KBH). This gives the Kunene group an effective 11,3% (post issue of new shares and repurchase) in Glenrand M.I.B.
