Ethos Capital Announces Brait PLC Unbundling Amid Regulatory Approval Awaited

  • Ethos Capital plans to unbundle its holdings in Brait PLC, pending regulatory approval.
  • The transaction involves Black Hawk selling shares to Ethos Capital for no consideration.
  • Directors associated with Ethos Capital have disclosed their dealings in compliance with JSE requirements.

Ethos Capital is moving forward with unbundling its shareholding in Brait PLC. This decision was previously announced on June 24, 2024.


Ethos Capital shareholders were informed about the board’s decision to unbundle Brait PLC shares. These shares are held indirectly by Ethos Capital through the TRG Africa Direct Investment Fund and TRG Africa Fund VII.

Key Dates and Times

Ethos Capital has not yet received the requisite exchange control approval from the South African Reserve Bank (SARB). This approval is necessary to implement the unbundling process.

Revised Timelines

The dates and times for the unbundling process will be updated. The finalisation announcement, which was expected on July 2, 2024, will be delayed.

Company’s Commitment

Ethos Capital remains committed to its realisation strategy. The company aims for an orderly divestment of its asset base, including the Brait unbundling.

Details of the Transaction

Transaction Summary:

June 24, 2024AnnouncementEthos Capital announces the unbundling of Brait PLC shares
June 28, 2024TransactionBlack Hawk shareholders sell shares and loans to Ethos Capital for nil consideration
July 2, 2024Approval pendingAwaiting SARB approval for unbundling process

Impact on Shareholders

Ethos Capital shareholders will receive Brait PLC shares once the unbundling process is complete. The finalisation announcement will provide revised dates and times.


Ethos Capital’s unbundling of Brait PLC shares is a strategic move aimed at realising shareholder value. The company is awaiting final regulatory approval to proceed. Shareholders will be kept informed about the revised timeline for the unbundling process.

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