[miningmx.com] – CYRIL Ramaphosa, deputy president of South Africa, was likely to keep investments in blind trusts in industries deemed unregulated such as Shanduka’s stake in MacDonald’s and Coca-Cola Inc, a bottling plant.
According to reports in Bloomberg News and BDLive, Ramaphosa will exit businesses in regulated industries – such as mining and banks where government policies have some bearing – for consumer industries where state involvement is less, they said.
This was in terms of the May 26 announcement that Ramaphosa’s Shanduka was to combine with Pembani Group which is owned by former MTN CEO, Phuthuma Nhleko created an industrial and mining group with assets worth R13.5bn.
BDLive said that Nhleko was likely to buy up most of the assets for an undisclosed sum.
Blind trusts are mechanisms for investment where the ultimate beneficiary is unaware of the nature of the investments.
BDLive
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Bloomberg News
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