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Aka Capital Acquires Controlling Stake In BOE Asset Management
Nedcor Limited
Press Release
28 October 2002
Aka Capital, the black empowerment private equity and investment group headed by
Reuel Khoza, today announced that it has reached an agreement to acquire a
controlling shareholding in BoE Asset Management from the Nedcor Group in a
transaction valued at R100 million. The Nedcor Group will retain a minority
stake and Old Mutual will be acquiring a minority stake in BoE Asset Management.
BoE Asset Management has about R17 billion of assets under management.
The deal comes just months after the acquisition of the BoE Group by Nedcor,
which was approved by the High Court in July.
Anet Ahern will remain managing director of BoE Asset Management.
Says Khoza: "In light of the transformation of the financial services sector, we
were keen to position ourselves as a major financial services empowerment
player. In BoE Asset Management, not only have we found that partner, but we
have also acquired a real gem that will add enormous value to our group.
"To be a successful empowerment enterprise, we are keen to retain the stability,
skills and expertise of the current team. However, we will be sharpening the
focus of the business so that we can position ourselves at the forefront of
empowerment issues in the asset management industry.
"It is our aim to leverage off the superior stock-picking skills of the existing
team in order to consistently deliver superior long-term performance to our
institutional clients."
Says Richard Laubscher, chief executive officer, Nedcor Group: "Reuel Khoza,
CEO Sam Nematswerani and their team have a proven, long-term track record and
impeccable credentials.
"To further our commitment to empowerment, it is our intention to bring in an
even broader range of empowerment shareholders. This would include the minority
shareholders of People`s Bank, allowing us to strengthen our existing
relationship with this broad range of empowerment groups."
Says Roddy Sparks, Old Mutual SA, managing director: "Old Mutual is delighted
to be given the opportunity to invest in BoE Asset Management and to be involved
with Aka Capital in this business.
"We are committed to supporting empowerment initiatives that will add value to
the industries in which we operate."
Ahern says she and the asset management team have welcomed the move.
Says Ahern: "Aka Capital`s shareholding presents major benefits for our
business and our clients while at the same time it significantly bolsters new
business opportunities.
"It has been a lengthy process and we have been fortunate to retain the support
of our clients and intermediaries.
"The result is that we have ended up with a transaction that we believe is a
major move forward in empowerment planning."
Ahern added that the BoE Asset Management brand would change to reflect the new
positioning of the asset management company.
It is envisaged that this transaction will take effect early in the new year,
once all regulatory approvals have been obtained.
ends
For more information:
Sam Nematswerani
CEO Aka Capital
Tel: (011) 706 2992
Roddy Sparks
MD Old Mutual SA
Tel: (021) 509-2212
Paul Leaf-Wright
Head BoE
Tel: (021) 416-6449
Anet Ahern
MD BoE Asset Management
Tel: (021) 416 6114
Jacqui Bennett
BoE
Tel: (021) 416 6375
Date: 28/10/2002 12:17:00 PM Produced by the JSE SENS Department
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