Thebe Investments Corporation marked its acquisition of a controlling stake in well-known stockbrokers PLJ Financial Services this week by poaching two dealing teams from another empowerment firm, Kagiso Securities.
Thebe is majority-owned by the African National Congress. Its poaching foray was designed to kick-start a recruitment drive for black talent.
On Wednesday Thebe announced that it had acquired 50,1% of PLJ Financial Services, the 40-year-old Afrikaner stockbroker and futures dealing firm. The company will be renamed Thebe Securities, with effect from the end of the month.
PLJ CEO Wyanard Malan confirmed that Sarel Pretorius, Carlo Amorim, Jan van der Berg and Frazer Muller will join the new company. Pretorius and Amorim are fixed-interest security dealers while Van der Berg and Muller deal in equities.
Thebe Investments chairperson Vusi Khanyile was at pains to explain that the deal was done on commercial merit and was financed from Thebe’s own resources. “This is not a rescue bid,” he said. “We are taking over a profitable company.” Last year PLJ turned in a profit of R1-million.
Khanyile would not disclose the value of the deal. Beeld has speculated that it is worth R1-million.