Taquanta Investment Holdings BEE deal squared awayAugust 2008
Taquanta Investment Holdings (TIH) has taken just one year to square away the deal that saw its operating companies move out of the Nedbank stable and set the group on the road to becoming an independent, BEE financial services company.
The 1 July 2007 transaction, which involved the purchase by TIH of Nedbank’s majority shareholding in Taquanta Asset Managers, Taquanta Treasury Solutions and Taquanta Securities, was partially financed by Nedbank through the subscription of five-year cumulative redeemable preference shares in TIH.
According to TIH chairman, Dr Vincent Maphai, all commitments to Nedbank have been repaid in full. “Taquanta is now a truly financially independent, black-owned financial services company,” he says.
“We are grateful for the support we have received from Nedbank both from a financial and business perspective. However, we are delighted that the BEE transaction we negotiated last year has been successfully concluded and Taquanta has proved its ability to stand alone and succeed,” he adds.
Taquanta CEO Justin Kretzschmar says the group marked its first anniversary with a sound balance sheet and a broader client base than ever before. Since concluding the transaction, assets under management have grown by R9 billion.
“Having bedded down Taquanta as an independent financial services firm without any significant debt, our challenge going forward will be to continue to provide the outstanding service and innovative solutions that will keep us at the forefront of our industry,” he concludes.Back to Articles & News