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ANC owns major stake in Thebe

Johannesburg - The ANC has a controlling stake in the empowerment group Thebe Investment Corporation, which has shares in Vodacom, Shell SA Refinery, Altech Netstar, Kaya FM and Combined Motor Holdings, among others, the Sunday Times reported on Sunday.

Thebe was founded in 1992 by Batho Batho Trust as an ANC investment company. At the time Batho Batho Trust was its only shareholder, intended to "receive dividends" for the party, declare secret ANC documents found in an abandoned storeroom at the University of Fort Hare in die Eastern Cape. Last week the ANC blocked access to these documents.

The official position to date is that the Batho Batho Trust beneficiaries are historically disadvantaged individuals.

Thebe’s ownership structure has changed over the years to include investors like Absa Capital, Sanlam and Umhlomulo Equity Participation, the share scheme for Thebe workers.

The Batho Batho Trust currently owns about 51.7% of Thebe, which is invested in more than 41 companies, according to Thebe’s website.

- Sake24

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