Johannesburg - Black economic
empowerment investors in Absa Group [JSE:ASA], including
Human Settlements Minister Tokyo Sexwale's Mvelaphanda Group [JSE:MCG], are set to sell their stake in the banking group, City
Press reported on Sunday.
The shares are valued at a collective
R2.2bn, after tax.
A special resolution to cash in Absa
shares was discussed at the Batho Bonke annual general meeting
earlier in the week.
Batho Bonke spokesperson Chris Vick
told City Press no time frames for the disposal had been set, but
disposal options would be considered.
Mvelaphanda holds a 2.28% stake in Absa
through the Batho Bonke empowerment scheme.
Batho Bonke holds 3.9% of Absa.
Sexwale resigned from directorships
when he was appointed to the Cabinet in 2009, but still holds shares
in Mvelaphanda through a blind trust.
Sexwale is expected to challenge
President Jacob Zuma for the ANC presidency in December.
Political analyst Steven Friedman told
the newspaper that money was "incredibly important" in a
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