Wiese, consortium plan takeover

CHRISTO Wiese, one of South Africa’s richest men, has formed a consortium of investors who plan to take control of Trans Hex Group, a diamond producer based in Cape Town. Cream Magenta 140 and Metcap 14, both backed by the Wiese family, bought a 47 percent stake in the company and would form a consortium with RECM and Calibre, which owned 25 percent, Piet Viljoen, a director of RECM and Calibre, said this week. The consortium controlling 72 percent of Trans Hex would make an offer to buy the remainder of the company from minority shareholders, Viljoen said. The company’s shares were halted from trading on August 5 pending the offer. “Together we can hopefully add value to Trans Hex over time,” Viljoen said. “It might take some capital but Trans Hex now has strong shareholders with capital.” Wiese is the chairman of the nation’s biggest retailer, Shoprite Holdings, and has a net worth of about $7.4 billion (R101.1bn), making him the world’s 168th richest person, according to the Bloomberg Billionaires index. His personal assistant said he was not available to comment. A native of Northern Cape, Wiese began working at discounter Pep Stores and, after an interlude in diamond mining, returned as chairman in 1980. He agreed to sell the business for $5.7bn in 2014. He has made investments in the UK, such as clothing retailer New Look and gym chain Virgin Active. Trans Hex shares gained 8.11 percent on Monday to close at R4. – Bloomberg

NUTRITIONAL HOLDINGS