Absa Capital’s credentials as a financier to empowerment companies was further boosted today through its participation as mandated lead arranger in providing funding facilities for Mvelaphanda Group Limited (Mvelaphanda Group). Mvelaphanda Group will utilize the funding for its strategic acquisition programme.
Today’s announcement follows the completion of Mvelaphanda Group’s acquisition of a 25.5 % stake in Avusa Limited (Avusa).
Media and entertainment group, Avusa, is home to some of the country’s leading titles, including the Sunday Times, Business Day and Financial Mail. It is regarded as one of the premier media assets in South Africa.
Yolanda Cuba, Chief Executive of Mvelaphanda Group, said: “We respect and value the care and diligence Absa Capital has taken as lead arranger for our strategic acquisition programme – attributes that will continue to make Absa Capital a leading participant in empowerment finance and advisory mandates.”
Commenting on today’s announcement, Craig Brewer of Absa Capital said: “Our BEE focus, as part of our Investment Banking division coverage, has ably positioned Absa Capital to advise and fund on all aspects of funding empowerment groups.”
“It is Absa Capital’s stated aim to participate in the transformation of the South African economy by actively pursuing and funding value-enhancing transactions undertaken by BEE groups,” added Paul Bijleveld, Head of Investment Banking at Absa Capital.
“Today’s announcement also further underscores the importance of, and commitment by Absa Capital, to the BEE partner of Absa Group,” said Brewer.
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About Absa Capital
Absa Capital, a division of Absa Bank Limited (Absa) and affiliated to Barclays Capital, is a leading South African investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe.