Skip to main content

Royal Bafokeng and Black Panther buy into Dis-Chem BEE deal

| Supplier news

Royal Bafokeng Holdings is buying a stake of almost 7 percent in Dis-Chem Group from the group’s founding Saltzman family, who are reducing their stake in the retail pharmacy chain.

Edward West | IOL

Dis-Chem last week announced a potential black economic empowerment (BEE) tie-up when the family outlined plans to reduce their shareholding from above 50 percent to about 31 percent through a number of transactions. The names of the black economic empowerment (BEE) partners were not announced at that stage.

The transactions involved selling a 7 percent stake in the company for R1.96 billion to investors in the market, while 3.75 percent went to senior executives.

The family is selling a 10 percent stake to the BEE groups, Royal Bafokeng (6.63 percent stake) and the Black Panther consortium (3.42 percent), which comprises GloCap Empowerment Private Equity Fund (1.34 percent), Zungu Pharmaceuticals (1.33 percent) and Temo Capital (0.75 percent).

Dis-Chem said yesterday the financing agreements had been finalised for the BEE stakeholders. The BEE partners bought the shares at a 17.5 percent discount to the 30-day average share price, with a three-year lock-in.

Dis-Chem was founded in 1978 by pharmacists Ivan and Lynette Saltzman. | Edward West

Related Articles

Festive family fashion alert - Pick n Pay unvei...

Forget fugly clichéd holiday-themed jerseys: matching family pyjamas is the latest craze for the holidays and is flying off the shelves, says Pick n Pay Clothing.

Liberty Accelerates Unclaimed Benefits Pay Outs 

As part of its ongoing Unclaimed Benefits Funds tracing efforts, this year, Liberty has identified in excess of 13 000 people and paid over R105 million to members and beneficiaries who had a legitimate claim.

Shoprite and Checkers support small suppliers t...

Shoprite and Checkers are helping small suppliers grow their volumes this Black Friday as customers flock to its stores looking for value on everyday essentials and groceries between Thursday, 23 November and Sunday, 26 November 2023. 

Supermarket chain set to appeal judgment in ‘si...

By: Chevon Booysen - IOL Retail giant Pick n Pay has indicated its intention to appeal a Western Cape High Court judgment to damage all print works, all printed materials, product packaging, and the like bearing the infringing get-ups similar to ...

Woolies pulls Israeli couscous after 'credible'...

By: Ahmed Areff – Fin24 Woolworths has pulled Israeli-imported pearl couscous from its shelves, but has emphasised that the move was preemptive due to threats it received and not because it supported a boycott of the country’s products or was pro...