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Christo Wiese replaces his son with dealmaker on Brait’s board

Oct 03 2019 10:13

Christo Wiese has replaced his son Jacob (40) as his alternate director on the Brait [JSE: BAT] board.

Paul Roelofse is taking Jacob Wiese’s place as Wiese senior’s alternate director, and will represent him on the board.

Roelofse was head of RMB’s global Corporate Finance business from 2009 to 2015, and “led a number of pioneering transactions during his banking career”, Brait said in a statement.

This follows Wiese’s announcement this week that he will pursue the sale of Brait’s assets, backed by his strategic partner in the investment company, Cape Town-based fund manager Mergence.

Mergence bought a 5% stake in Brait from Wiese this week, in a R430m deal announced on Monday. Together they now own 46% of Brait.

Brait owns Premier Foods, Virgin Active, UK grocer Iceland and struggling UK clothing group New Look. The group's share price has halved over the past year as it wrote down the value of New Look - which it bought for more than R14 billion in 2015 - to zero.

Roelofse, described by Wiese as a "strategic business partner" of his family, is a co-founder of Oryx Partners, which will manage Wiese’s family office. 

His appointment took effect on Wednesday.

brait  |  christo wiese
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