SOUTH AFRICA: New player steps in to stabilise KWV
A leading South African businessman, wine farmer and KWV Limited director has stepped into breech to stop the uncertainty created by conflicting parties vying for shares of the Paarl-based wine and spirits company.
Anglo African Trading (AAT) has agreed to sell 85m shares, for more than R157m to Dr Christo Wiese and Phetogo, the black economic empowerment consortium, which intends acquiring at least a 25.1% share of KWV. The share offer stands at R1.85 a share.
KWV announced late yesterday that a deal had been reached with AAT who brokered the deal on behalf of shareholders for whom it was acquiring shares after making an offer of R1.60 a share more than a month ago.
Phetogo would need 112m shares to meet its target and Dr Wiese said he would like to have a block of between 10 and 15% shares, but that he would see how things developed over the next few months.
Dr Wiese said he stepped into the fray because there was no controlling shareholder and the wrangling was having a negative affect on the company.
He has extensive investments in the wine industry including the historical Lanzarac and Lourensford estates.
Once the dust settles, KWV Limited would have a more stable share structure, with Phetogo holding 25.1%, Wiese between 10% and 15% and a wine-farmer representative body, VinPro, with 10%.
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