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Johannesburg - Nafhold, the investment arm of the National Federated Chamber of Commerce and Industry (Nafcoc), will dispose of R1.5bn worth of shares in Tsogo Sun.
At a press briefing on Friday, Nafcoc's secretary general Gilbert Mosena said the decision had been taken by Nafhold shareholders at a meeting in March.
"Nahold will dispose of R1.5bn of shares in (hotel and casino owner) Tsogo Sun to Tsogo Investment Holdings in a buy-back scheme," Mosena said.
However, a certain percentage of the shares would be kept as preferential shares within Tsogo Sun, ensuring Nafcoc continued to receive direct funding through dividends for the next seven years.
Mosena said qualifying Nafcoc members would receive cash payouts for the value of their shares.
In addition, R5m would be set aside to establish the JK Hlongwane bursary fund to develop entrepreneurship education in SA.
The rest of the proceeds would be used to set up the Bokamoso Equity Fund.
This fund was intended to provide members with micro finance assistance loans of R1 000 to R50 000.
The fund would also help to revive township and rural business, as well as provide loans of R500 000 or more in the broad-based black economic empowerment sector.
- Sapa
At a press briefing on Friday, Nafcoc's secretary general Gilbert Mosena said the decision had been taken by Nafhold shareholders at a meeting in March.
"Nahold will dispose of R1.5bn of shares in (hotel and casino owner) Tsogo Sun to Tsogo Investment Holdings in a buy-back scheme," Mosena said.
However, a certain percentage of the shares would be kept as preferential shares within Tsogo Sun, ensuring Nafcoc continued to receive direct funding through dividends for the next seven years.
Mosena said qualifying Nafcoc members would receive cash payouts for the value of their shares.
In addition, R5m would be set aside to establish the JK Hlongwane bursary fund to develop entrepreneurship education in SA.
The rest of the proceeds would be used to set up the Bokamoso Equity Fund.
This fund was intended to provide members with micro finance assistance loans of R1 000 to R50 000.
The fund would also help to revive township and rural business, as well as provide loans of R500 000 or more in the broad-based black economic empowerment sector.
- Sapa
