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S AFRICA: KWV investor sells stake

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South African wine and spirits group KWV Ltd has seen a significant minority investor sell his stake in the company.

Christo Wiese, a local retail tycoon, has sold his 12% stake in KWV to South African investment firm PSG in a share-swap deal. Wiese sold the shares - worth around ZAR137m (US$19.4m) - for a 6% stake in PSG.

Johann Holthausen, marketing manager for PSG, told just-drinks today (20 June) that the deal "made sense" as KWV continued to grow at home and abroad. "The home market is still growing for KWV and there is lots of potential there. We believe KWV's export markets will also pick up in the future. We know the sector well and we are long-term investors."

KWV's largest minority investor is the black empowerment consortium Phetogo, which has a 25.1% stake.

Earlier this month, KWV secured a stake in South African distributor NMK, a deal that it believes will strengthen its position in the country's competitive on-trade channel. KWV is also holding talks with a number of parties overseas on possible co-operation, although the company has insisted that it is in the early stages of negotiations.


Sectors: Spirits, Wine

Companies: KWV Ltd

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