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Tokyo Sexwale's, Mvelaphanda Group Makes Bid for South Africa's Largest Telephone Company

By: Errol Mars

Tokyo Sexwale's, Mvelaphanda Group has launched a 90 billion rand ($11 billion) takeover bid for South Africa's biggest fixed-line telephone group Telkom.

Mvelaphanda Group, controlled by Tokyo Sexwale, one of South Africa's richest men, has launched a 90 billion rand ($11 billion) takeover bid for Africa's largest integrated communications company Telkom.

Africa Management Ltd, a private equity company setup by Sexwale's Mvelaphanda Holdings with backing of New-York listed private equity firm Och-Ziff would be the acquirer of Telkom if the offer were to be accepted.

Sexwale left public political office in 1998 for the corporate sector and established Mvelaphanda Holdings in late 1998. Through Mvelaphanda Group he owns an 10 percent stake in South Africa's biggest retail bank Absa, 10.8 percent of construction company Group Five and a 23 percent stake in Mvelaphanda Resources one of South Africa's biggest black-owned and managed mining companies.

Sexwale a car racing fan, has a close relationship with former South African president Nelson Mandela. The two were jailed together in the notorious Robben Island prison for fighting to overthrow white minority rule.

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