Anchor sells stockbrokers to black investors
INCE CONNECT / 11 JULY 2018 - 05.11 /STEPHEN GUNNION
Rebosis founder Sisa Ngebulana is leading a consortium that has bought a controlling stake in Anchor Stockbrokers
Anchor Group has sold a controlling stake in its stockbroking unit to a consortium led by property entrepreneur Sisa Ngebulana. The financial services group said the consortium would buy a 51% stake in Anchor Stockbrokers in a deal that would enhance its research to clients, with a strong focus on the property sector. It would also make the unit a Level II black economic empowerment contributor.
Ngebulana, who founded property fund Rebosis and property development company Billion Group, will become non-executive chairman of Anchor Stockbrokers. Rebosis was the first black-owned real estate investment trust to list on the JSE's main board.
Anchor says its niche focus on real estate has gained traction with investors and the deal forms part of its strategy to provide a wider range of institutional investors with access to an independent majority black-owned research and brokerage firm.
Given regulatory changes, corporate governance demands and intensifying competition, it is increasingly important that research houses remain autonomous and flexible to provide clients with objective insights and analysis," Ngebulana said in a statement."The transaction will enable a boutique house such as Anchor Stockbrokers to leverage its track record and independent thinking, especially within real estate and related sectors."
Anchor's shares started trading on the A2X market yesterday after it was granted a secondary listing on the new stock exchange. It said it would keep its primary listing on the JSE and its issued share capital would be unaffected by the A2X listing. It's the ninth company to list on A2X and Anchor Group CEO Peter Ermitage the move would give brokers more options and support free market principles.
The company's shares closed 1.3% higher at R3.85 yesterday.
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