Brait in major overhaul, CEO quits
Johannesburg - Private equity group Brait [JSE:BAT] announced a major business overhaul on Wednesday and said its chief executive will be stepping down.
Brait said in a statement it will become an investment firm raising funds in the public equity capital markets from time to time and focus on growth, a departure from the company managing third party funds raised from investors to fund private equity investments.
"The board of Brait believes that ... there is an opportunity to maintain the existing strengths of the private equity model while, for the first time, tapping into the strategic benefits of raising funds from the public equity markets through a listed vehicle," Brait said.
The company said it will raise an initial R6bn through a rights issue, the majority of this will fund the acquisition of significant stakes in unlisted retailer Pepkor and foods firm Premier Foods.
Brait said CEO Antony Ball will step down and will be replaced by Brait Private Equity CEO John Gnodde.