Shareholders agree to name change

The majority of Mvelaphanda Group’s shareholders passed all special resolutions as well as an ordinary resolution, which included the company’s name change, at its general meeting yesterday. Mvela, controlled by the Blackstar Group, sought approval to change its name to New Bond Capital Limited. The firm also sought approval to sell its stake in Batho Bonke, Absa’s empowerment vehicle. Mvela is a 47 percent shareholder in Batho Bonke, which holds 2.28 percent in Absa. Mvela said it still required contractual consent from Batho Bonke’s funders in terms of funding agreements to which the group was a party, for the disposal of a certain number of its Absa ordinary shares. Consent was also required from Absa entities Gotswelela and trustees of the Absa HDSA Employees Trust. Mvela stock remained unchanged at R2.05 yesterday. – Asha Speckman