Private equity has at times conjured up feelings of trepidation in investment circles because of its bad reputation.
After pumping debt into Edcon to mount the many failed turnaround initiatives, Bain sold the retailer in 2016, leaving it in financial distress. But Bain managed to suck out about R664-million in “consulting fees” over its eight-year Edcon investment. The private equity fund is part of API’s strategy of shifting from being a financial services firm to an investment holding company after it separated from African Bank and recently sold its long-term insurance business, Stangen, to King Price for R140-million.
To shift its strategy to an investment holding firm, API had to repurchase and cancel all the 13.5 million preference shares issued by Abil in the 10 or so years before its collapse. These shares are common in the banking environment; they get fixed dividends and usually don’t have voting rights.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Book your seat to travel to Rwanda with Kaya Business TravelSPONSORED | SMMEs are invited to join kayafm95dot9 Business Travel and MaZo Connect on a 4-day trip to Kigali, Rwanda (Aug 8-11) to attend the Golden Business Forum – to network and explore intra-Africa trade. Book before Aug 5 2019.
La source: BDliveSA - 🏆 12. / 63 Lire la suite »
La source: eNCA - 🏆 49. / 51 Lire la suite »