| Thu 13 Oct 2005, 14:06 | | Glenrand M.I.Bs strategic empowerment partners |
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Glenrand M.I.B"s strategic empowerment partners
Glenrand MIB Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share code: GMB & ISIN: ZAE000018529
("the company" or "Glenrand MIB")
Glenrand M.I.B"s strategic empowerment partners
Kunene Bros. Holdings & Kunene Finance Company - 11,3% (post the issue of new
shares and repurchase) shareholding in Glenrand MIB
"Kunene Brothers has had an association with Glenrand MIB since 1996, starting
with the Kunene-Glenrand joint venture. Our relationship has grown from strength
to strength, culminating in our increased participation in the BEE shareholding.
Kunene Brothers has worked with Glenrand MIB management to optimise the
company"s empowerment profile. The changing empowerment environment necessitated
the inclusion of more broad based groupings. KBH worked with management to
source credible partners who would buy into the Glenrand MIB vision and mission.
We are satisfied that our new partners will add value to Glenrand MIB. KBH is
looking forward to a long lasting relationship with Glenrand MIB"
Dr. Dudu Kunene - Chairman - Kunene Bros. Holdings
Kunene Bros. Holdings (KBH) has a history dating back to 1978. The business was
started by the family patriarch, Fortune Kunene, who opened a milk distribution
business on the East Rand and later expanded into liquor and subsequently Coca-
Cola distribution.
KBH, through its investment in Fortune Beverage Limited, is now one of South
Africa"s leading distributors of Coca-Cola. In addition to its pre-existing
stake of 6,1% in Glenrand MIB (held through Kunene Finance Company) since 2002,
KBH holds strategic investments in Grintek Limited and McCarthy Kunene Motors.
Dr Dudu Kunene has served on the board of Glenrand MIB as an executive director
since 2000.
Ayavuna Women"s Investments - 5,9% (post the issue of new shares and repurchase)
shareholding in Glenrand MIB
"We"re excited because this investment in Glenrand MIB represents Ayavuna"s
first foray into the Financial Services sector. We are under no illusions about
the challenges in this sector, but as a "roll-up-your-sleeves" empowerment
player with strong skills, and experience in this sector, we will be working
alongside management to unlock value for the benefit of all shareholders."
Hixonia Nyasulu - Chairman - Ayavuna Women"s Investments
Ayavuna"s chairman, Hixonia Nyasulu, holds directorships in several of South
Africa"s leading companies, and previously spent six years with Unilever"s
marketing department. She founded TH Nyasulu & Associates, a Durban-based
marketing consultancy which she ran from 1984 to 2004, and was instrumental in
setting up the Ethekwini Business Development Centre in Durban, which has been
hailed for its success in advancing the interests of small and medium-sized
enterprises.
Nyasulu currently serves as executive chairman of Ayavuna and serves on the
boards of AECI, Anglo Platinum, Tongaat-Hulett and the Development Bank of
Southern Africa. Ayavuna"s previous acquisitions include the R550 million buyout
(in partnership with the private equity division of Standard Bank) of appliance
manufacturer Defy. Nyasulu will join the board of Glenrand MIB.
Matemeku Investments - 5,9% (post the issue of new shares and repurchase)
shareholding in Glenrand MIB
"The Glenrand MIB empowerment transaction is particularly significant for
Matemeku as it marks our entry into the insurance industry in South Africa. I
look forward to a great working relationship with the management team, fellow
shareholders and all other stakeholders as we provide more innovative service to
clients and greater return on shareholder investment"
Moss Mashishi - Executive Chairman - Matemeku Investments
Matemeku is a 100% black controlled and owned company. Matemeku Investments
vision is to build the company to a formidable BEE player in the resources,
tourism, technology and financial sectors. Matemeku"s portfolio of investments
includes a partnership with Kerzner International to develop hotel and leisure
facilities across Southern Africa under the "One and Only" brand. The first
hotel will be built in the Victoria and Alfred Waterfront, Cape Town. Other
investments include a 28% equity stake in Aristrocat Tecnologies Africa, a
premier supplier of games and gaming technology to both the casino and the
limited payout machines operators and a 51% equity stake in Traffic Management
Technology (TMT) an intelligence transport systems company. Matemeku is led by
its Executive Chairman, Moss Mashishi.
Mashishi is the former Chief Executive of the World Summit on Sustainable
Development 2002 and the former CEO of SA Tourism. Earlier this year he was
appointed President of the South African Sports Confederation and Olympic
Committee (SASCOC), the macro sport body responsible for developing high
performance sport in the Republic of South Africa . He is currently the non -
Executive Chairman of Ogilvy Africa and also serves on boards of the
International Marketing Council and the South Africa American Chamber of
Commerce in America. Mashishi will join the board of Glenrand M.I.B.
ends
ISSUED FOR: GLENRAND M.I.B LIMITED
CONTACT : Steve von Roretz, CEO: 011 329 1427 / 083 326 6319
FAX NO : 011 293 2755
E-MAIL : svonroretz@glenrandmib.co.za
WEBSITE : www.glenrandmib.co.za
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : Tish Stewart: 011 325 4195 / 082 443 6399
FAX NO : 011 325 4199
E-MAIL : tish@tspr.co.za
DATE : 13 October 2005
Date: 13/10/2005 02:06:08 PM Produced by the JSE SENS Department
