Petratouch raises Capitec stake to 7.27%
Consortium becomes bank’s largest empowerment shareholder, with analysts mixed on how far it can run
Black economic empowerment (BEE) consortium Petratouch, led by Harith General Partners CEO Tshepo Mahloele, has become Capitec’s largest empowerment shareholder after raising its stake in the bank to 7.27% last week. The group made its first foray into Capitec in 2015 when it bought 5.3-million shares from the Public Investment Corporation’s (PIC’s) Isibaya Fund, for about R519 a share. The shares were part of an original 10-million issued to BEE investor Coral Lagoon in 2007. Coral Lagoon included high fliers such as Pilisiwe Twala-Tau, the wife of then Johannesburg mayor Parks Tau, and Gugu Mtshali, wife of former president Kgalema Motlanthe. They have retained a 1.3% stake in Capitec while the bank’s staff trust holds about 0.2%. Harith was started by the PIC in 2007 under then CEO Brian Molefe. Mahloele headed the Isibaya Fund when he worked at the PIC. He recently made headlines after selling a mansion to Molefe at a massive discount. The Capitec investment has paid dividends f...
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