* Shanduka run by political heavyweight
* Investment part of Chinese thrust into Africa
(Adds details)
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 influential politician-turned-businessman Cyril Ramaphosa.
China is South Africa’s biggest trade partner and the ANC
has been seeking closer ties with the Beijing to build its
economy.
Ramaphosa said the Chinese investment would help his firm
branch out in Africa.
“This partnership will allow us to jointly explore future
investment opportunities in South Africa and other parts of
Africa”, Ramaphosa was quoted as saying.
CIC acquired its shares primarily from exiting shareholders,
Old Mutual Private Equity and South African
investment bank and asset manager Investec.
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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