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Ramaphosa to exit stake in Shanduka

The company said in a statement the move is to avoid conflicts of interest with his new job.

Deputy President Cyril Ramaphosa. Picture: Sapa.

JOHANNESBURG - Newly appointed South African Deputy President Cyril Ramaphosa will exit his stake in Shanduka, the investment firm he founded in 2001, to avoid conflicts of interest with his new job, the company said in a statement on Monday.

Unlisted Shanduka also said it would merge with the investment firm Pembani, a holding company controlled by former MTN Chief Executive Phuthuma Nhleko, to create what is likely to be South Africa's largest black owned private investment firm.

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