Safika Holdings

Last updated
Safika Holdings (Pty) Ltd
Type Proprietary limited
Founded1995
Founder
  • Moss Ngoasheng
  • Vuli Cuba
HeadquartersSafika House
Houghton, Johannesburg
Key people
Website safika.co.za

Safika Holdings (Pty) Ltd is a private South African investment holding company. Led by Moss Ngoasheng and Saki Macozoma, the company is known for its involvement in lucrative black economic empowerment deals and for its close relationship and reciprocal shareholdings with Standard Bank. It holds international investments in a variety of sectors, including mining and financial services.

Contents

Based in Johannesburg, Safika Holdings was founded in 1995 by Ngoasheng and Vuli Cuba. Macozoma joined the company in 2001 and became an equal participant in 2003.

History

Safika Holdings was founded in 1995 by Moss Ngoasheng and Vuli Cuba. [1] Prominent anti-apartheid activist Saki Macozoma joined the company in 2001 when he purchased a 10 per cent stake in Safika. [2] He doubled his stake in 2003, becoming an equal participant – with Cuba and Ngoasheng – in the consortium that held a controlling 60 per cent of the company. [3] During its first decade, Safika acquired a reputation as a major player in black economic empowerment (BEE) deals. [4] [5]

In the mid-2000s, Safika established reciprocal shareholdings with Standard Bank, which identified Safika as a preferred BEE partner on the basis of its "management capabilities". [5] In June 2003, Standard Bank and the Liberty Group sold a 25.2 per cent stake in Stanlib to a BEE consortium led by Safika. [6] The following year, Safika and Cyril Ramaphosa's Millennium Consolidated Investments launched the Tutuwa Consortium, which in July 2004 concluded agreements to acquire an effective 10 per cent of Standard Bank and 10 per cent of Liberty Life. [7] [8] Safika had a 20 per cent stake in Tutuwa, [9] and the deal was worth an estimated R4.3 billion. [5] Finally, in 2005, the Competition Commission approved the sale to Standard Bank of a 20 per cent stake in Safika. [9] [5]

Upon the conclusion of the 2005 deal, Safika's shareholders were Standard Bank (20 per cent), Ngoasheng (20 per cent), Cuba (20 per cent), Macozoma (20 per cent), Marc Ber (10 per cent), Soto Ndukwana (5 per cent), and Richard Chauke (5 per cent); [5] this shareholding structure prevailed until Cuba announced his resignation from the company in 2008. [1] Over the next decade, Safika maintained what it called its "close working relationship" with Standard Bank. [10]

Holdings

Through its subsidiaries, Safika has interests in financial services, agriculture, transport, gaming, aerospace, property, and telecommunications. [10] In 2011, it expanded to Australia by launching private equity firm Winsaf as a joint venture with the Australian Wingate Group. [11]

Safika also has substantial interests in South African mining through subsidiary Safika Resources, in which it has an 85 per cent interest. Safika Resources's flagship investment is a 39 per cent stake in Ntsimbintle Mining, which in turn holds various manganese assets, notably including a 50.1 per cent of Tshipi é Ntle Manganese Mining and its lucrative Tshipi Borwa mine in the Northern Cape. [12] In 2019, Safika Resources also acquired a substantial 44.72 per cent stake in Orion Minerals's Prieska Resources, a zinc-and-copper-oriented venture. [13]

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References

  1. 1 2 "Safika Holdings' chief steps down". IOL. 11 April 2008. Retrieved 29 October 2008.
  2. ↑ "Macozoma buys 10% stake in Safika". IOL. 28 February 2001. Retrieved 29 October 2023.
  3. ↑ "CEO increases Safika stake". News24. 2 April 2003. Retrieved 2023-10-29.
  4. ↑ Makgetla, Tumi (2006-08-11). "Anatomy of fast money". The Mail & Guardian. Retrieved 2023-10-29.
  5. 1 2 3 4 5 "Bank becomes a BEE player". The Mail & Guardian. 2005-07-08. Retrieved 2023-10-29.
  6. ↑ "BEE co buys 25.2% of Stanlib". News24. 18 June 2003. Retrieved 2023-10-29.
  7. ↑ "Liberty Group announces BEE deal". The Mail & Guardian. 2004-07-15. Retrieved 2023-10-29.
  8. ↑ "A deal that empowers". The Mail & Guardian. 2004-07-23. Retrieved 2023-10-29.
  9. 1 2 Davie, Kevin (2005-08-22). "Safika: Who is in charge?". The Mail & Guardian. Retrieved 2023-10-29.
  10. 1 2 "Corporate profile". Safika Holdings. Retrieved 2023-10-29.
  11. ↑ Levy, Benjamin (2011-04-19). "Wingate in JV". Money Management. Retrieved 2023-10-29.
  12. ↑ "Manganese consolidation could add new glitter to JSE". Business Day. 27 October 2022. Retrieved 2023-10-29.
  13. ↑ "Empowered Ntsimbintle strengthens standing in manganese mining". Engineering News. 20 April 2021. Retrieved 2023-10-29.
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