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Thebe Investments: Though Thebe is unlisted, the FM reckons it’s only a matter of time before this pioneering empowerment venture revives its 2018 plan to come to market. A listing could speak to future funding needs, though Thebe appears well capitalised at present. Its attraction lies in the access it provides to some top-quality unlisted assets in the energy and resources sectors (its dozen-odd investments have a collective value of about R10bn). Standouts include a 28% stake in Shell Downstream SA, 23% of Seriti Resources Holdings and 100% of Empact Group. It’s also part-owner of 12 renewable energy projects delivering more than 1,000MW through the Eskom grid.

Masimong: Mike Teke’s empowerment investment company has no plans to list in the short term. But investors can take an indirect punt via investment company Sabvest*, an influential shareholder in the group. Masimong holds some prime assets in coal mining and farming, as well as industrial businesses such as Rolfes an...

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