Afena Capital Botswana management eyes 51% stake in firm

Afena Capital Botswana management and the Afena Capital Botswana Staff Trust have proposed the acquisition of an additional 51% shareholding in Afena Capital Botswana (Pty) Ltd (Afena Capital Botswana), from Afena Capital (Pty) Ltd (Afena Capital Group) subject to all regulatory approvals. The acquisition encompasses all of Afena Capital business in Botswana, including, inter-alia, its main pillars of Institutional Asset Management and Retail Investments.

Afena Capital Group Board has supported the transaction, which will make Afena Capital Botswana one of a very few citizen majority controlled asset management firms in Botswana. “The transaction should enhance the ability of Afena Capital Botswana to maintain and grow its business in Botswana for the benefit of all stakeholders”, said Afena Capital Botswana Managing Director, Bakang Seretse.

Mr. Bakang Seretse
Mr. Bakang Seretse

“This transaction is a key milestone in the intensive, on-going citizen empowerment process at Afena,” said Seretse. “Our empowerment strategy addresses all of the principal components of citizen empowerment as envisaged by our clients and indeed with the general spirit prevailing in the country. Having majority citizen shareholding in Afena Capital Botswana is a key outstanding item on our agenda and provides a catalyst to further advance the other growth aspects of our business.”

Tebogo Naledi, who will step down as Chairman of Afena Capital Botswana upon finalisation of the transaction, added, “As well-established business partners of Afena Capital Botswana, we are excited by the opportunities this transaction opens up for Botswana. As a group, we are committed to transforming the investment management industries in which operate. Afena Capital was one of the first black asset management firms in South Africa, and we are proud to have once more demonstrated our transformation purpose by supporting a transaction that creates a Botswana citizen majority owned company. We wish the management of Afena Capital Botswana well and have full confidence they will continue to grow the business platform developed over the past four years”.Tebogo Naledi

For Afena Capital Botswana, the transaction will allow it to build on the success the firm has enjoyed so far. It will give the firm an opportunity to operate on the back of a strong, existing platform with the capacity to successfully deliver quality services to key investment segments of the Botswana economy.

“Since our establishment in Botswana nearly four years ago, our long term focus has remained unchanged: to generate long term inflation beating investment returns that are superior to passive investment strategies and superior to the after cost returns generated by the average of our industry peers; to ensure alignment with the interests of our clients and to play a meaningful role in transforming the investment management industries in which we operate in, and create an environment that allows us to produce excellent investment outcomes for our clients. That remains our goal at all times to clients”, said Seretse.

“We are excited about the opportunities available for our business Afena Capital Botswana with these changes within our firm. This enhances our business and achieves the desired effect of ensuring that Batswana citizens will hold majority of the proposed shareholding acquired”.

The transaction will also result in the setting aside of more shares for the existing Afena Staff Share Trust.

The transaction is subject to approval by the relevant regulatory authorities.