Pioneering transaction for asset management sector in Botswana
Afena Capital Botswana management and the Afena Capital Botswana Staff Trust have proposed the acquisition of an additional 51% shareholding in Afena Capital Botswana, from Afena Capital Group subject to all regulatory approvals.
The acquisition encompasses all of Afena Capital business in Botswana, including its main pillars, Institutional Asset Management and Retail Investments. Afena Capital Group Board has supported the transaction, which will make Afena Capital Botswana one of a very few citizen majority controlled asset management firms in Botswana. “The transaction should enhance the ability of Afena Capital Botswana to maintain and grow its business in Botswana for the benefit of all stakeholders,” said Afena Capital Botswana Managing Director, Bakang Seretse.
“This transaction is a key milestone in the intensive, on-going citizen empowerment process at Afena,” Seretse said. “Our empowerment strategy addresses all of the principal components of citizen empowerment as envisaged by our clients and indeed with the general spirit prevailing in the country. Having majority citizen shareholding in Afena Capital Botswana is a key outstanding item on our agenda and provides a catalyst to further advance the other growth aspects of our business.” Tebogo Naledi, who will step down as Chairman of Afena Capital Botswana upon finalisation of the transaction, added that “As well-established business partners of Afena Capital Botswana, we are excited by the opportunities this transaction opens up for Botswana.
“As a group, we are committed to transforming the investment management industries in which we operate. Afena Capital was one of the first black asset management firms in South Africa, and we are proud to have once more demonstrated our transformation purpose by supporting a transaction that creates a Botswana citizen majority owned company. We wish the management of Afena Capital Botswana well and have full confidence they will continue to grow the business platform developed over the past four years”.