Not everyone in BEE circles has warmed up to the highly publicised merger between Pembani Investment and Shanduka. The former is owned by former MTN chairperson, Phuthuma Nhleko, and the latter was famously under the country’s current Vice President, Cyril Ramamphosa.
The grapevine has it that the development has caused anxiety amongst management at Shanduka, and is one of the reasons that has driven the company’s CEO, chief executive Phuti Mahanyele, to step down from her post.
However, quoted by a weekend broadsheet, Mahanyele said she would be establishing her own business, whose nature she kept under wraps.
Dispelling reports of her displeasure at the merger, Mahanyele said she fully supported the development.
“When you think about it and you look at black-empowered vehicles, we haven’t had a lot of black companies that have been fed on for the long term. And what I like about Shanduka and what is happening in terms of the merger is that it will go on to create an even bigger vehicle and hopefully have a very long life like Anglo did. We need to see black Anglos.”
Kennedy Bungane, who was recently appointed as chief executive of Pembani, would become the chief executive of the bigger Pembani-Shanduka group, subject to the decision by the competition commission.
The company’s phenomenal growth can be reflected in its net value – from R4.7 billion in 2009 to R8.1 billion 2014.
