Way back when, you needed a PhD in corporate complexity to grasp who controlled whom on the JSE and how they did it. Conglomerates and complex control structures were in vogue globally but even more so in apartheid SA, where the money couldn't leave the country and everyone was entwined.

It was a feast of complex cross-holdings, exotic control structures and shares with differential voting rights, often designed to ensure majority control by a founding family or another ultimate shareholder whose ownership was far below 50%...

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