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Cape Town - JSE-listed KWV Investments, the firm that houses an investment in Stellenbosch-based liquor giant Distell, will change its name to Capevin Investments.
This follows a decision by unlisted KWV Limited, a major shareholder in KWV Investments, to unbundle its operational business, which consists mainly of wine and brandy production, into a new company, KWV Holdings.
Shares in KWV Holdings will be unbundled at a later stage to existing KWV Limited shareholders. KWV Holdings is also expected to hold a rights issue to raise fresh capital for KWV's operating businesses.
KWV Limited, which retains an indirect interest in Distell, will change its name to Capevin Holdings.
Ultimately, the name changes differentiate between KWV's wine and brandy manufacturing businesses (which markets an array of products under the KWV brand), and investment holding companies with a stake in Distell as a sole asset.
On Monday, Fin24.com reported that industrial investment giant Remgro had pushed up its stake in KWV Investments (or Capevin Investments) in a R258m transaction. Remgro now holds an indirect stake of 32% in Distell.
Distell's other major shareholder is KWV Limited (now Capevin Holdings) and brewing giant SABMiller. The biggest shareholder in Capevin Holdings is PSG owned agri-business investor, Zeder Investments.
At this point it is unclear whether KWV Holdings or Capevin Holdings will be listed on the JSE. KWV Limited will be holding a general meeting in mid-July when shareholder queries in this regard may be answered.
- Fin24