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Less than 30 years after the first major transaction was concluded, BEE has moved onto a distinctly different trajectory. It’s no longer about the huge enrichment of a relative handful of well-placed individuals, but the slight enrichment of a much broader range of individuals, as recent empowerment deals by Capitec and Shoprite highlight.

In 1993, more than 10 years before the corporate community came face-to-face with the first BEE legislation, Sanlam rushed to complete the sale of its stake in Metropolitan to a little-known entity called New Africa Investments Ltd (Nail)...

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