KTH says that TBG's exit from the shareholding structure comes at a time where KTH will be entering its 10th year of operation. Formed from the merger of Kagiso Trust Investments and Tiso Group in July 2011, the partnership has seen KTH evolve and to accomplish a broad investment scope.

The TBG exit was achieved through multiple inter-connected steps, one of which was the acquisition by Tiso Investment Holdings (TIH) of TBG's shares in KTH. As part of the transaction, KTH also sold its shares in KTH Africa Investments to TIH Mauritius Holdings.

In addition, TIH sold its shares in KTH to Kagiso Capital and KTH repurchased the remaining shares held by TIH, which was the last step used to exit TBG. Fidelity Bank Ghana is held through KTH Africa Investments and, as a result of the sale of KTH's shares in KTH Africa Investments described above, KTH will relinquish its stake in the asset.

The Bank of Ghana has approved the transaction. The divestment of TBG's 20.01% stake in KTH is in line with its stated strategy. TBG says that it has consistently provided valuable strategic guidance and direction for the business.

KTH Group CEO Paballo Makosholo says, "The contribution that TBG has made to KTH — through Nkululeko Sowazi, David Adomakoh and Andrew Bonamour — has been invaluable."

"While the merger dates back to 2011, the close relationship between the two companies has endured for much longer. Our corporate histories are irrevocably intertwined and will continue to be the legacy on which KTH is founded," adds Makosholo.

"On behalf of the board of KTH, I would like to extend our sincere gratitude for the crucial role that TBG has played in the evolvement of the company," says Makosholo.

Nkululeko Sowazi, past KTH chairperson, says, "The exit from KTH has enabled TBG to significantly deliver on its strategic imperatives and growth plans into the future. As a black-owned and managed investment company, KTH has consistently delivered on its role of being a shareholder of reference in its underlying investments."

"TBG's exit will in no way detract from this mandate and I am convinced that the company will continue to go from strength to strength," concludes Sowazi.

For more information, visit www.kth.co.za