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| | Posted by admin on Friday, February 03, 2006 - 08:53 PM |
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|  | THE Competition
Tribunal dismissed an application by Cape Empowerment Trust (CAMEMP) to
prevent Sanlam’s life business from voting preference shares which will
give it control of black empowerment firm Sancino Projects, the
tribunal said on Friday.
Reuters
The tribunal said it had dismissed CAPEMP’s urgent application with costs.
If Sanlam exercised its right to vote the preference
shares it received several years ago, it would hold a 78% stake in
Sancino — whose biggest asset is a stake in the lucrative Grand West
Casinos gaming resort near Cape Town.
The preference shares were issued to Sanlam in 1998 when
it provided a R10m loan to Sancino, a black-owned firm set up under the
South African government’s black economic empowerment (BEE) plan.
CAPEMP has offered seven of its own shares for one
Sancino share — an offer which closed on January 26. It was unclear how
many of unlisted Sancino’s shareholders accepted the offer.
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