Posted to the web on: 18 December 2006
Black group buys 12,2% of Capitec
Stephen Gunnion
Financial Services Editor
MASS-market banker Capitec has sold a 12.2% stake in its business to a consortium of black companies, trusts and individuals in a deal worth R300m.
Capitec said on Friday it would issue 10-million new shares at R30 each to the Coral consortium, which is led by Litha Nyhonyha, executive chairman of Regiments Capital and also includes black staff at the bank, who will own 5% of the 12,2% stake through the Capitec Bank Share Empowerment Trust.
Regiments Capital was co-founded by Nyhonyha and five other investment bankers in 2004. The group is black-controlled and managed. It focuses on specialist funds business and advisory services.
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