The reticent giant
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…