Hosken Consolidated Investments (HCI) has raised its offer for 100 percent of Nafcoc Investment Holding (Nafhold) by R150 million to R900 million. HCI said yesterday it would also allow Nafhold to sell all its investments other than its 25 percent shareholding in Tsogo Investments Holdings (TIH), without reducing the R900 million price tag. This means that HCI is now offering a much higher price for Nafhold’s 25 percent share of TIH than the price it offered last year. The revised offer follows this week’s announcement by Nafhold that none of its shareholders would accept HCI`s offer of R750 million for all of Nafhold shares. In addition to shares in TIH, the majority shareholder in hotel and casino group Tsogo Sun, Nafhold has a number of minority investments in companies that include horse racing group Phumelela and Uthingo. Uthingo’s licence to run the national lottery expires in March. Nafhold valued its other investments at more than R6O million. Nafhold is the investment arm of the National African Federated Chamber of Commerce and Industry (Nafcoc). Johnny Copelyn, the chief executive of HCI, said yesterday: “The original offer was a bit on the light side. The new offer is a pretty full one and I don’t believe Nafhold shareholders will not want to sell.” Nafhold chief executive Michael Leaf was not available to comment. Buhle Mthethwa, Nafcoc president and a Nafhold director, said she would have an idea only today of where Nafhold stood in relation to the new HCI offer when she attended a meeting of the Nafhold investment committee. Nafhold’s biggest shareholders are the Nafcoc Investment Trust (44.22 percent) and the Nafcoc Investment Holding Share Trust (10 percent). The remainder is held by individual shareholders. HCI has been eyeing the Nafhold stake in TIH for some time and if the Nafhold bid went through, HCI would own 90 percent of TIH. TIH owns 51 percent of Tsogo Sun. HCI’s share price closed unchanged at R62 in Johannesburg yesterday The equity investment instruments sector was 0.49 percent higher.

Source: Business Report – Wiseman Khuzwayo