Who Owns Whom in South Africa
Saki Macozoma, Cyril Ramaphosa and Marcel Golding Join Rich List
The 2007 edition of this annual handbook for business has been released and shows that more black businessmen are getting richer.
Them that’s got shall get, and yes, in South Africa’s new open economy the rich are getting richer as a black middle class emerges. But what is also true is that more black businessmen (and not too many women) are joining the exclusive list of the super-rich in South Africa.
This is according to the 27th edition of Who Owns Whom in South Africa, published this week. The respected financial handbook lists the top 50 directors by value of their JSE shareholdings.
The publication said shareholdings were sourced from public documents published in electronic and hard copy in terms of the Companies Act and JSE listing requirements. The data was extracted by the research staff of Who Owns Whom.
This edition lists the emerging empowerment groups and the new billionaires and shows how the ‘new economy’ is blending with the old and which groups and individuals of the ‘old economy’ are showing the capacity to adapt to the African National Congress-led political leadership.
The combined value of the shares held by top 50 directors was R105.91 billion ($14.44 billion), three percent of the total market capitalization of the JSE when the data was compiled in June 2006.
Wiseman Khuzwayo and Mzwandile Jacks laid it out in Business Report: The top three wealthiest directors on the JSE remained the same as in 2005: Lakshmi Mittal, effective owner and a non-executive director of Mittal Steel South Africa, holds 52.02 percent of the firm's shares - the stake is worth R14.68 billion ($ 2.00 billion); Nicky Oppenheimer, a non-executive director of Anglo American with 3.98 percent of London-listed Anglo American, is worth about R14.09 ($ 1.92 billion) (his interest in delisted De Beers is not included); and Johann Rupert, a director of the Rembrandt Trust, whose 35.5 million B shares in Remgro and Venfin (since delisted) are valued at R8.59 billion. ($1.71 billion)
Patrice Motsepe has moved up from eighth to fourth with a fortune of R7.94 billion ($ 1.08) - made up of a 42.7 percent stake in African Rainbow Minerals and his interest in the 9.38 percent holding of the Ubuntu-Botho empowerment grouping in Sanlam.
Three black newcomers join the top 50 super-rich. Saki Macozoma, a non-executive director of Liberty Group and Standard Bank, whose wealth is estimated at R519.64 million ($70.84 million) ; Cyril Ramaphosa, the chairman of the Shanduka Group, whose shares are valued at R490.53 million ($66.87 million); and Marcel Golding, the Hosken Consolidated Investments chairman, with R360.87 million ($49.20 million).
Another feature in the 2007 edition or the Who owns Whom, is the Who owns Whom in Africa. As the publicity blurb says: “The scramble for Africa is not for the faint hearted and this section quantifies the footprint on the continent of those South African based companies with the vision and commitment to make Africa their own.”
This edition also features details of government’s progress on the infrastructure projects that are part of a five year R400 billion ($ 54.51billion) plan. Added to that is a directory or directors which contains the cross directorships of more than 7 000 directors; organograms of major groups; portfolios of institutional and other investors; ownership of over 20 000 companies and a Directory of Brand names.
Check out the Who's Who in Southern Africa
