Sisa Ngebulana-headed consortium buys 51% stake in Anchor Stockbrokers
Anchor Capital has also announced that it is the ninth company to start trading on recently launched stock exchange A2X
Anchor Capital sold 51% of its stockbroking arm to a consortium headed by the founder of real-estate investment trust (Reit) Rebosis, Sisa Ngebulana, for an undisclosed amount.
The deal sees Ngebulana take the role of nonexecutive chairman of Anchor Stockbrokers. Anchor describes its stockbroking arm as having a niche focus on real-estate research.
The financial services group also announced on Tuesday it was the ninth company to start trading on recently launched stock exchange A2X.
"A secondary listing on A2X gives brokers more options and supports free market principles. There is no risk or cost to Anchor, and it makes economic sense for us to back people who are bringing down overall costs," Anchor CEO Peter Armitage said in a media release issued by A2X.
Anchor joins African Rainbow Capital, Afrimat, Ascendis Health, Coronation, Huge Group, Sandown Capital, Sanlam and Peregrine in trading on both the JSE and A2X.
Regarding the sale of 51% of Anchor Stockbrokers to Ngebulana, Armitage said the partnership was part of the group’s initiative to transform its business.