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Kagiso, Tiso to form new BEE giant

Dec 09 2010 15:28
Sapa

Johannesburg - Kagiso Trust Investments and TisoGroup are planning to merge, the two companies said on Thursday.

"Shareholders of the companies are working towards putting together a proposed merger of equals," they said.

If approved, the black-owned merged company - to be called Kagiso Tiso Holdings - will have a gross asset value of over R12bn.

"The proposed merger represents a coming of age and maturation for BEE (black economic empowerment) and transformation," said Tiso chairperson Nkululeko Sowazi.

The proposed merger had the support of all the shareholders. Kagiso Trust and Tiso Foundation would be the largest shareholder grouping of Kagiso Tiso Holdings.

If approved, the merger would be implemented in mid-2011.

Kagiso Tiso Holdings' current portfolio of businesses is structured into three areas: financial services, resources and industrial and information and communication technology.

Tiso is a black-controlled and managed principal investment company.

"Kagiso Tiso Holdings will have the capacity and scalability to grow robust investment platforms in key growth areas, particularly in infrastructure, media and ICT, healthcare, resources, property and financial services."
 

bee  |  kagiso media

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