01:11 GMT 26th January 2012
Shanduka, whose chairman has close ties to the ruling African National Congress and with a diversified asset base that includes coal operations, said in a statement the China Investment Corporation had paid rand 2bn ($240m) for the stake. Shanduka is an unlisted investment holding company chaired by influential politician-turned-businessman Cyril Ramaphosa.
China is South Africa's biggest trading partner and the ruling ANC has been seeking closer ties with Beijing to build its economy. Ramaphosa said the Chinese investment would help his firm branch out in Africa. 'This partnership will allow us to jointly explore future investment opportunities in South Africa and other parts of Africa,' Ramaphosa was quoted as saying. CIC acquired its shares primarily from exiting shareholders, Old Mutual Private Equity and South African investment bank and asset manager Investec. Standard Bank acted as the exclusive financial advisor to Shanduka and Standard Chartered Bank acted as exclusive financial adviser to CIC on the transaction.
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