Reuters reported that the China Investment Corporation (CIC) has bought a 25%, ZAR 2 billion shareholding in the Shanduka empowerment investment group.

Shanduka said in a statement that CIC would acquire its shares primarily from exiting shareholders, Old Mutual Private Equity and Investec.

Shanduka chairman Mr Cyril Ramaphosa said “This partnership will allow us to jointly explore future investment opportunities in South Africa and other parts of Africa. We believe it will present broader opportunities for both organisations and be mutually beneficial.”

Shanduka's black owned and controlled status will not be affected by the transaction.

(Sourced from Reuters)