« Barloworld reprices black empowerment deal | Main | R5,16bn Actis deal sets Alstom SA on independent course »

August 5, 2008

Masonge aims to raise R89m in IPO

Masonge, the second black equity ownership programme for employees of furniture retailer Ellerines and black individuals, was expected to raise R89 million from an initial public offering (IPO) to be opened tomorrow and closed on September 13, African Bank Investment Limited (Abil) said yesterday.

South Africa's biggest microlender acquired Ellerines for R9.8 billion last August, saying that to maintain the current level of black economic empowerment (BEE) ownership in the bank, it was proposing to reserve 3.75 percent for Ellerines' BEE programme.

Read More

Posted by StaffWriter at August 5, 2008 8:01 AM