{"id":7157,"date":"2012-01-18T20:53:56","date_gmt":"2012-01-18T18:53:56","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/update-1-blackstar-pays-58-mln-for-mvela-stake\/"},"modified":"2012-01-18T20:53:56","modified_gmt":"2012-01-18T18:53:56","slug":"update-1-blackstar-pays-58-mln-for-mvela-stake","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-blackstar-pays-58-mln-for-mvela-stake\/","title":{"rendered":"UPDATE 1-Blackstar pays $58 mln for Mvela stake"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, JAN 18<\/span> (Reuters) &#8211; Blackstar Group<br \/>\n, a London-listed, Africa-focused investment firm, has<br \/>\npaid $58 million for just over a quarter of South Africa&#8217;s<br \/>\nMvelaphanda Group, a month after Mvela shareholders had<br \/>\nblocked a buyout offer.<\/p>\n<p><span><\/span><\/p>\n<p>Blackstar said in a statement it acquired 28 percent of<br \/>\nMvela, a black-owned investment firm, for 470 million rand ($58<br \/>\nmillion). It acquired the shares from Cape Town-based asset<br \/>\nmanager Coronation Fund Managers.<\/p>\n<p><span><\/span><\/p>\n<p>As part of the deal, Blackstar CEO Andrew Bonamour and<br \/>\nanother executive will get seats on Mvela&#8217;s board, while<br \/>\nBonamour will also become the firm&#8217;s interim CEO.<\/p>\n<p><span><\/span><\/p>\n<p>Blackstar, which is listed on London&#8217;s AIM market for<br \/>\nsmaller companies, has been looking to further boost its<br \/>\npresence in Africa.<\/p>\n<p><span><\/span><\/p>\n<p>Mvela is a well known name in South Africa, having been<br \/>\nfounded by prominent politician and business Tokyo Sexwale. The<br \/>\ncompany has been spinning off its investments for the past two<br \/>\nyears.<\/p>\n<p><span><\/span><\/p>\n<p>Its remaining investments include a stake in South African<br \/>\nmedia group Avusa. Getting a stake in Mvela would give<br \/>\nBlackstar access to a well known firm in South African business,<br \/>\nand one with black ownership credentials.<\/p>\n<p><span><\/span><\/p>\n<p>South African firms are required to increase their black<br \/>\nownership in order to receive lucrative government contracts.<\/p>\n<p><span><\/span><\/p>\n<p>Mvela shareholders last month blocked a $215 million cash<br \/>\nand share buyout offer from Blackstar.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG, JAN 18 (Reuters) &#8211; Blackstar Group , a London-listed, Africa-focused investment firm, has paid $58 million for just over a quarter of South Africa&#8217;s Mvelaphanda Group, a month after Mvela shareholders had blocked a buyout offer. Blackstar said in a statement it acquired 28 percent of Mvela, a black-owned investment firm, for 470 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7157","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7157"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7157\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}