Union investment giant the South African Clothing and Textile Workers Union’s (Sactwu) R2-billion interests are so vast and sprawling that it is no surprise to find some unlikely properties in its portfolio.
One is South Africa’s most successful rugby team, the Blou Bulle. The Bulls’ skills with the rugby ball have not been matched with financial prowess and so over the years outside interests, so to speak, came to own it.
The details of Sactwu’s ownership of the Blue Bulls are set out in a Competition Tribunal ruling in March this year.
Three parties, Rembrandt Group technology arm, Venfin, Sactwu and the management of sports and entertainment company, Sail, acquired then JSE Securities Exchange-listed Sail Group.
Venfin and Sactwu are shareholders in e.tv, Venfin holds 33% of e.tv while Sactwu’s investment arm, Sactwu Investment Group has 45% of Hosken Consolidated Investments which holds 66% of e.tv.
Sail Group’s assets include the Blue Bulls, other sporting clubs and golf driving ranges.
The proposed deal, which was approved by the Competition Tribunal, agreed a new structure in which a Sactwu Investment Group company, Tree Tell would end up with 50% plus one of the ordinary shares.
The other shareholders are Venfin (32%) and former Sail management (18%).
The Blue Bulls will now play in jerseys which are made in bargaining council-compliant factories, says Sacwtu trustee Andre Kriel.
Asked if Sacwtu insisted that the rugby jerseys for the Blue Bulls are made by a Sactwu group company and if manufacture is strictly by companies which adhere to bargaining council arrangements, Kriel replied:
“We note the potential synergy that you have pointed out, and which had not occurred to us to date.
“We will approach Sail to ask it to prevail on sports clubs and other companies with which it has commercial dealings to buy their goods from local manufacturers who are in compliance with bargaining council agreements.
“Thank you for alerting us to this opportunity.”