Investment holding group Bidvest has appointed Cyril Ramaphosa as its chairman and announced the resignation of deputy chairman Fani Titi.
The group says Ramaphosa`s appointment is in line with a decision to separate the functions of chairman and chief executive. Brian Joffe, formerly executive chairman, will continue in the role of chief executive.
At the same time, Millennium Consolidated Investments, a black-owned and managed company chaired by Ramaphosa, is to become a 15% shareholder in Dinatla Investment Holdings, which acquired 15% of Bidvest in December last year.
Bidvest`s stated strategy is to be invested in companies operating in the fields of service, distribution and trading. It is the owner of technology company I-Fusion and electronic business-to-business marketplace mymarket.com.
Joffe has also announced the creation of a new black economic empowerment investment vehicle named Dinatla New Ventures, which will pursue large investment opportunities and be positioned as a potential empowerment partner for businesses in which it makes an investment.
"Bidvest`s investment policy will be unaffected by the establishment of Dinatla New Ventures and will continue as previously," he adds.
The new venture will be 51% owned by Dinatla shareholders, with the funding partners - Bidvest, Investec, Old Mutual and Standard Bank - owning the other 49%.
Titi has resigned as deputy chairman to focus on the further development of the Tiso Group, the black economic empowerment company he co-founded.
The post of deputy chairman is to be discontinued.
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