[miningmx.com] – CYRIL Ramaphosa, South Africa’s deputy president, concluded the sale of his direct interest in Shanduka, the company he founded which has an estimated net present value of about R8.8bn.
A Ramaphosa family trust will keep some shares in the company which would be managed by independent investment professionals, according to a statement by the Presidency cited by Bloomberg News.
Shanduka’s investments include a stake in Lonmin, a coal venture with Glencore, and the McDonalds’ franchise in South Africa. The sale of Ramaphosa’s stake is to avoid conflicts of interest whilst in public office.
In May, Shanduka announced it was to combine its interests with Pembani Group, owned by entrepreneur Phuthuma Nhleko, in a proposed transaction that creates a R13.5bn mining and industrial group.
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