Monday, July 10, 2006

South African Wine Industry Trust (SAWIT) Withdraws From KWV Empowerment Transaction

The South African Wine Industry Trust (Sawit) has decided to revoke its loan of R135m to the black empowerment group Phetogo Investments, who obtained 25.1% of the KWV more than two years ago.

Phetogo’s interest groups include the Black Association of the Wine and Spirits Industry (BAWSI), the KWV Employees Investment Trust, the Epa Development Group, South African Liquor Traders Association, the National Farm Workers Union of South Africa, Phetogo Investment Holdings and Kumnandi Liquor and Leisure Investments.

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