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Cape Town - KWV's empowerment partner has sold a large part of its interest in the Distell liquor company to a PSG investment group.
Sake24 has received confirmation that PSG's agricultural investment group, Zeder, has snapped up the Phetogo Investments group's stake.
The deal was concluded at the beginning of September almost immediately after the unbundling to shareholders of KWV's Distell stake.
On August 18 shareholders received their share certificates for Capevin Holdings, into which KWV's Distell stake had been unbundled.
Phetogo has acquired a 18.3% stake in Capevin Holdings (corresponding to the size of the stake that the empowerment group had in the former KWV Ltd).
Khutso Mampeule, the executive chairperson of Phetogo Investments, responded to enquiry by saying that Zeder had acquired 6.5% of the equity in Capevin.
Zeder (which after the unbundling retained an interest in Capevin through its shareholding in the former KWV Ltd) now holds about 32.5% of Capevin Holdings.
Capevin Holdings in turn holds an indirect 15% stake in Distell.
This has increased Zeder's interest in Distell to just under 5%.
According to Mampeule, Phetogo is considering selling a further significant stake in Capevin.
Mampeule said that after the unbundling of the former KWV Ltd into Capevin Holdings and KWV Holdings (now a pure operating company), Phetogo Investments also did its own unbundling.
This led to the formation of the wholly-owned subsidiary Withmore Investments 1. This company holds the empowerment group's 18.3% stake in the KWV operating company.
The interest in Capevin Holdings is held by Phetogo Investments.
Phetogo's shareholders each sold a proportion of their shareholding to make up the 6.5% in Capevin. These shareholders include the Bawsi Trust and Zamori (or Nagri Investments Western Cape).
Mampeule said the deal helped Phetogo to settle its remaining debt.
In the process Phetogo has also received enough money to take up its rights in the KWV rights issue now taking place. If Phetogo does so, this will ensure that the empowerment stake in KWV does not become diluted.
The balance of the proceeds is being distributed to shareholders, he says.
He added that a stake is being held in the new and debt-free (post the rights issue) KWV, "which is the proper thing to do to unlock value for shareholders".
Zeder is in a closed period and unable to offer comment.
The price is unknown, but the Capevin Holdings share price is currently R3.30. Earlier in the month it was 58c-odd higher.
On Tuesday Distell's share price was R63.50.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.