Cyril Ramaphosa pulls out of Shanduka to focus on govt responsibilities

2014-05-27 08:17

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Deputy President Cyril Ramaphosa has announced a transaction that would result in his “complete divestment” from the Shanduka Group.

“Shanduka’s majority shareholders have entered into an agreement that will, among other things, result in my complete divestment from the group,” Ramaphosa said yesterday.

“In the interim, my family’s interests will be held in blind trusts.”

The Shanduka founder said that over the past 17 months, he had stepped down from the boards of several companies and resigned as Shanduka Group executive chair.

The transaction would allow Ramaphosa “to exit his business interest in Shanduka and focus on his responsibilities in government”.

Pembani Group, led by entrepreneur Phuthuma Nhleko, Ramaphosa’s family trust, Jadeite Limited and Standard Bank, among others, have entered into an agreement to combine their interests and create a new black-controlled natural resources and industrial holding group.

In January last year, following Ramaphosa’s election as deputy president at the ANC’s 2012 Mangaung conference, it was announced that he would step down from his positions at mining company Lonmin and packaging group Mondi.

Ramaphosa was a non-executive board member at Lonmin and a joint chair at Mondi Limited and Mondi Plc.

“In the course of the next few weeks, I will take any further practical steps necessary to ensure that I comply with requirements of the Executive Ethics Code and uphold the integrity of my office,” he said.

Ramaphosa said he would continue to be involved in the Shanduka Foundation, a non-profit organisation that works in the areas of school development, skills development and enterprise development. He founded Shanduka Group in 2001.

Shanduka is invested in a portfolio of listed and unlisted companies and has holdings in the resources, food and beverage industries.

The group also invests in the financial services, energy, telecommunications, property and industrial sectors.

Shanduka has investments in South Africa, Mozambique, Mauritius, Ghana and Nigeria.

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