Ince raises BEE stake in KhumaloCo deal

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Ince raises BEE stake in KhumaloCo deal

Published Date: 2019-11-29 | Source: Stephen Gunnion | Author: Stephen Gunnion

Ince raises BEE stake in KhumaloCo deal

The deal with Andile Khumalo increases its Broad-Based Black Economic Empowerment rating from Level 8 to Level 2.

Ince has increased its black ownership in a deal that will see KhumaloCo raise its interest in the group to 26%.

The investor marketing agency, which publishes this newsletter, said the deal with media entrepreneur Andile Khumalo had significantly transformed its shareholding structure. Employee investment scheme, Isiqhingi Communications, will own a further 4% stake, lifting the company's total black ownership to 30%. It said this raised its Broad-Based Black Economic Empowerment (B-BBEE) rating from Level 8 to Level 2. The two other major Ince shareholders, the Atkinson Family and JSE-listed Caxton, disposed of 16% and 10%, respectively, to KhumaloCo.

Sandton-based Ince lists Old Mutual, Sasol, Absa, Nedbank and Liberty as some of its biggest clients. It aims to improve communication between companies and the global investor community, using mainly digital products to create an interconnected community of informed contributors and a more inclusive investment ecosystem.

KhumaloCo is an investment firm with interests in technology, media, telecommunications, financial services and venture capital. Khumalo has been appointed chairman of the Ince board.  He replaces Caxton's Piet Greyling who remains a director.





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