The ret­i­cent gi­ant

Finweek English Edition - - COMPANIES & MARKETS - ... EDITED BY MARC HASENFUSS

THERE WAS a fair bit of hype about the for­ma­tion of a new black em­pow­er­ment gi­ant with the merger of Kag­iso and Tiso into

KAG­ISO TISO HOLD­INGS (KTH). With R13bn of as­sets un­der KTH’s con­trol, it’s cer­tainly a se­ri­ous em­pow­er­ment con­tender – rank­ing along­side a sec­tor stal­wart such as Hosken Con­sol­i­dated In­vest­ments and far big­ger than es­tab­lished play­ers like Brim­stone, Mvela Group and Sekunjalo.

Th­eS­PEC­ta­cle was very keen on a closer peek at the im­pos­ing KTH – but its (seem­ingly rea­son­able) re­quests for a de­tailed as­set reg­is­ter show­ing per­cent­age stakes and the value of its un­der­ly­ing in­vest­ments fell on deaf ears. In­vestor re­la­tions con­sul­tancy Brunswick was ap­par­ently briefed by KTH to pro­vide only bare bones in­for­ma­tion about its un­der­ly­ing as­sets. Th­eS­PEC­ta­cle is puz­zled by such ret­i­cence – es­pe­cially by an em­pow­er­ment gi­ant keen to list in the fu­ture.

In­ter­est­ingly, a ques­tion about how big a stake Remgro – a ma­jor Kag­iso share­holder – would hold in the newly merged en­tity was also deemed off-lim­its.

So much for a harm­less en­quiry…

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