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Author: Lindo Xulu|

16 August 2010 16:19

‘I own 20% of Imperial Crown Trading, not 7.5%'

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Speculation surrounds KCM bigwig and ICT founder's shareholding.

JOHANNESBURG - "The ICT shareholders are there in the public office - just go to the public office - you'll get them," so says Advocate Phemelo Sehunelo, founding member of Imperial Crown Trading (ICT) and acting CEO of Kimberley Consolidated Mining (JSE:KCM) (KCM).

When ArcelorMittal South Africa (JSE:ACL) (AMSA) announced its decision to buy ICT for R800m last week Tuesday, it created a number of instant multi-millionaires. One of these is Sehunelo. His precise shareholding in ICT has been a matter of much speculation with some media reports claiming it is 8.33%.

In a written reply to Parliament, the Minister of Mineral Resources Susan Shabangu stated Sehunelo's share was 7.5%. Yet, when Moneyweb asked Sehunelo to confirm his shareholding as 7.5% he said: "I don't know why people are saying that, out of 140 [sic] issued share capital... I own 20%"

Perhaps Sehunelo was mistaken, according to Shabangu's response the Department of Mineral Resources (DMR) records say of the 240 shares only 120 were "issued to Imperial Crown Trading 239 (Pty) Ltd and the remaining 120 were issued to Pragat Investments (Pty) Ltd".

Shabangu's records (if correct) mean that Jagdish Parekh owns 50% of ICT through his Pragat Investments, and the balance is split as follows:

Mr. Mabelindile Archibald Luhlabo - 7.5%

Ms. Prudence Zerah Mtshali - 7.5%

Mr. Mojalefa Mbete - 7.5%

Mr. Phemelo Ohentse Robert Sehunelo - 7.5%

Mr. Zebo Lesego Edwin Tshethlo - 20%

Despite the above information coming from DMR, Sehunelo maintained he owned "20%".

Either the Minister made a mistake confusing Tshethlo 20% with Sehunelo's or the advocate is wholly unaware of ICT's true shareholding.

A simple mistake could mean the difference of R100m.

Write to Lindo Xulu:

Topics: Phemelo Sehunelo, Imperial Crown Trading, ICT, Kimberley Consolidated Mining, ArcelorMittal South Africa, AMSA,

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