South Africa: South Africa's largest beer brewer sold 40 % of its bottle cap manufacturer

SAB, South Africa's largest beer brewer sold 40 % of Coleus Packaging, its bottle cap manufacturer, to Nokusa Consortium in an empowerment deal valued at R30 million, according to Business Report of April 18.

SAB shares gained 1.63 percent to close at R125 on news of the transaction. Nokusa Consortium will be involved at a strategic level and will have the right to appoint directors to the five-member Coleus board. SAB also committed itself to purchasing its bottle cap supply from Coleus, securing a stable future for the business.

The consortium is led by Nokusa Investments, which has interests in the information communication technology and professional services industries. It was born out of Nokusa Consulting, the management consulting firm.

The chairman of Nokusa Consortium, Moss Hadebe, said the direct strategic and operational involvement set a welcome trend in black economic empowerment transactions.