JOHANNESBURG Dec 22 (Reuters) – China’s sovereign
wealth fund has taken a 25 percent in South Africa’s unlisted
but prominent Shanduka Group, the latest investment by the Asian
giant keen to gain greater access to Africa’s resources.
Shanduka, whose chairman has close ties to the ruling
African National Congress and with a diversified asset base that
includes coal operations, said in a statement the China
Investment Corporation had paid 2 billion rand ($240
million) for the stake.
Shanduka is an unlisted investment holding company chaired
by prominent politician-turned-businessman Cyril Ramaphosa.
Standard Bank acted as the exclusive financial
advisor to Shanduka and Standard Chartered Bank acted as
exclusive financial adviser to CIC on the transaction.
(Reporting by Ed Stoddard; Editing by Jon Herskovitz)
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