Thebe’s Timeline of Historic Milestones

1992

1992

Capitalised with a R100,000 grant, Thebe opens for business in July 1992 Co-founders Enos Mabuza appointed Non-Executive Chairman and Vusi Khanyile appointed CEO Acquired 100% of travel agency business Oriole Travel and 100% of memorabilia manufacturing and distribution business Movement Marketing Enterprises Acquisition of commercial real estate company Dakawa Properties Establishment of South African Express Airlines, SA’s first regional low-cost airline
1993

1993

Commercial property development business Thebe Properties is established Establishment of residential real estate company Yesive Properties to acquire apartment blocks 6m raised with Swedish grant for establishment of wholly owned subsidiary National Printing & Publishing Trust Establishment of school-book business Nolwazi Publishers in a joint venture with McMillan Publishers Sale of commercial real estate company Dakawa Properties Establishment of Sports Afrique (now Moribo Leisure) Establishment of Pitseng Catering Services Establishment of wholly owned subsidiary Sizwe Car Hire All candidates for political office in upcoming elections stand down from Thebe and withdraw from the Batho Batho Trust
1994

1994

Thebe raises R500m to launch SA Express Airways (51% Thebe-owned) in a turning point in the company’s history Acquisition of 51% of Safrican Insurance with Fedsure remaining as managing partner (Safrican began as a burial society in Sophiatown in 1932) Establishment of wholly owned subsidiary Msele Financial Holdings as nucleus of a future Merchant Bank Acquisition of 50.1% of insurance broker Hubert Hoskens from Alexander Forbes (renamed Thebe Hoskens) Sale of residential real estate company Yesive Properties Establishment of Rainbow Construction in a Thebe Properties-led partnership with Wilson Bailey Homes and independent builders from Soweto Establishment of Bhekisizwe Computer Systems in partnership with Persetel Acquisition of controlling interest in Citizens Bank in a transaction funded by First Corp Sale of 49% of Oriole Travel to Rennies Travel Development of radio station Kaya FM begins
1995

1995

Yaseen Bhayat joins Thebe as MD of Thebe Industrial Holdings Acquisition of Strategic Health Care Systems (renamed Vuna Healthcare Logistics) Incorporation of Msele Financial Holdings into Citizen Bank to become its Investment Banking Division Leisure and entertainment business Moribo awarded contract to manage Johannesburg Stadium First focus of Thebe investments into four divisions: Financial Services, Entertainment & Leisure, Industrial Holdings and Aviation Positions of CEO and Chairman are combined and Vusi Khanyile becomes Executive Chairman
1996

1996

Acquisition of minority share in data communications company Swiftnet (Telkom as controlling shareholder) Sale of school-book business Nolwazi Publishers Sales of Movement Marketing Enterprises, National Printing & Publishing Trust and Sizwe Car Hire Acquisition of 10% shareholding in ICL (Bhekisizwe is sold into ICL as part of the consideration) Acquisition of 33% of JH Isaacs (Thebe Properties is sold into JHI as part of the consideration) Sale of remaining Oriole Travel shares (now Landa Travel) to Jomo Sono Investment in JSE-listed MacMed Healthcare
1997

1997

Kaya FM and Wholly owned subsidiary Tepco Petroleum was established Sales of Emthonjeni Publishers and entertainment and leisure business Moribo Acquisition of 30% stake in Nasou and Via Afrika, Naspers’ education business Shareholding in SA Express reduced, allowing SAA to become controlling shareholder Merger of Citizens Bank with Future Bank and Bophutatswana Building Society Strategic decision to capitalise the business is made and strategic minority shareholders are introduced
1998

1998

Batho Batho Trust dilutes shareholding from 100% to 74%, allowing Old Mutual, Fedsure (now Investec) and Sanlam to collectively acquire 26% of Thebe Net Asset Value reaches R1bn Initiation of project to use the South African heritage resources to develop a tourism business (later becomes the Thebe Tourism Group) Shareholding in ICL increased to 40% Acquisition of casino interests from Sun International to form Tusk Casino Resorts Merging of FBC with Fidelity Bank to form FBC Fidelity Bank (in terms of assets, the 7th largest retail bank in SA)
1999

1999

FBC Fidelity Bank experiences a liquidity squeeze as part of South Africa’s small- to medium-size banking crisis (the bank is placed under curatorship, and sold to Nedcorp for R1 the following year Capital markets crash MacMed is delisted and liquidated
2000

2000

Establishment of Batsumi Airport Ventures in a JV with Cape Union Mart to sell adventure gear The shareholder value of Thebe is decimated and fundamental restructuring of the Group begins Establishment of the Group BEE Index (Thebe companies are measured by reference to board control or equity holding, effective economic interest, management & employee demographics and affirmative procurement) Strategic decision is made to focus on financial services (including private equity investments) and tourism, and to dispose of all other assets that do not fit this description Sale of remaining stake in SA Express Negotiations to acquire a stake in Shell SA commence
2001

2001

Thebe Hoskens renamed Thebe Risk & Benefits Group In March, the value of Thebe is confirmed to be R72m and Thebe takes a strategic decision to become an Investment Management Company With Investec acquiring Fedsure, Thebe assumes management control of Safrican and becomes a managing shareholder in Thebe Hoskens (replacing Alexander Forbes) Thebe deliberately becomes more marketing conscious, conducting research into market perceptions of the brand, developing a brand architecture and creating a Group Marketing Executive position
2002

2002

Acquisition of 25% interest in Shell South Africa Marketing (Tepco Petroleum is sold into SSAM as part of the consideration) Sale of ICT Swiftnet to Telkom Sale of Rainbow Construction to a BEE consortium Sale of ICL stake to ICL International Tusk Resorts opens Emanzini Casino Resort Establishment of ICT business Thebe Transactive
2003

2003

Thebe Risk & Benefit Group is split to spawn three independent businesses: Thebe Risk Services (51% held), Thebe Employee Benefits (100% held) and TYB Healthcare Administrators (67% held) Acquisition of a stake in medical aid admin company Odyssey Healthcare Merging of Odyssey Healthcare with Thebe Ya Bophelo Healthcare Administrators Emancipation of Thebe Risk & Benefit Group as Alexander Forbes is bought out as a minority shareholder Acquisition of controlling stake in PLJ Securities (renamed Thebe Securities) Establishment of site tax service company Thebe Yomnotho Group HR Management function is established
2004

2004

Acquisition of 51% interest in Creditworx (which is quickly increased to 53.8%) A new format of the Group Executive Committee is agreed and implemented Development of new go-to-market strategy for the financial services businesses selling to the LSM 2 to 7 markets Acquisition of JSE-listed Alliance Pharmaceuticals Limited, and its holding company Forim Holdings Limited (renamed Thebe MediCare)
2005

2005

Acquisition of 51% interest in Unilever Quality Products Acquisition of the balance of 44.2% stake in Creditworx from minority shareholders (now 100% held) Sale of 55% of Safrican to Sanlam (Thebe retains a 45% stake) Establishment of Thebe Community Financial Services and sale of 30% stake to Sanlam Acquisition of outsourced bank hosting infrastructure company Emid (which is incorporated into Thebe Community Financial Services structure Thebe receives over R100m funding from Dutch company FMO Acquisition of Rai SA (renamed Thebe Exhibitions) to enhance the Thebe business tourism sector Thebe Yomnotho and Thebe Transactive absorbed into Thebe Employee Benefits Establishment of Maravedi Financial Solutions in a joint venture with JD Group and Absa Acquisition of 51% of structuring and funding specialist EBOP (renamed TBOP Capital)
2006

2006

Acquisition of a 15% interest in Combined Motor Holdings for R294m Establishment of Indwe Insurance Brokers in a joint venture with Pamodzi Investment Holdings (through the merger of Thebe Risk Services and Prestasi Brokers) Acquisition of 25% stake in engineering and construction company Kentz South Africa Sale of Tusk Resorts to Peermont Global Acquisition of 4.4% stake in Channel Life Holdings (remaining stake in Safrican is sold into Channel Life Holdings in 2007) Batho Batho Trust sells 2,061 shares to Umhlomulo Equity Participation (a company made up of Thebe employees), thus giving Umhlomulo 22% shareholding in Thebe
2007

2007

Acquisition of a further 48% from the minority shareholders in Thebe Securities (now 100% held) Acquisition of a 21% interest in local plastics manufacturer Safripol Acquisition of 17,9% of JSE-listed building materials company Safic Holdings (Accentuate) Acquisition of a 25% stake in global risk management company Gab Robins South Africa Sale of 30% shareholding in Safrican Insurance to Channel Life (Thebe retains 15% shareholding) Absa becomes a 15.65% shareholder in Thebe after buying Old Mutual’ s and Investec’s shares with Sanlam increasing its stake to 10.677%
2008

2008

Acquisition of further interest in FX Africa by Thebe Tourism Group (50.1% now held) Acquisition of 0.84% stake in Vodacom SA as part of Vodacom’s BBBEE transaction Acquisition of 25,1% interest in Efficient Financial Holdings Acquisition of 25% in Thebe Rewards by Thebe Tourism Group (now 100% held) Thebe concludes a transaction with Shell South Africa Holdings with acquisition of 25% shareholding in Shell SA Refinery, completing Thebe’s partnership with Shell across all downstream businesses in South Africa Acquisition of 8% stake in consumer-goods manufacturer and distributor Beige Holdings Limited Acquisition of 6.1% shareholding in Care Cross Health in exchange for 36% in Thebe Healthcare A dedicated Mergers & Acquisitions department is created Thebe formally splits its operations into Thebe Capital, Thebe Tourism and Thebe Enterprises
2009

2009

Acquisition of 24,88% stake in Club Travel (51% now held, making Club Travel a subsidiary) Thebe Mining Resources is formed to capitalise on mining opportunities emanating from the Mining Charter
2010

2010

Acquisition of 20% interest in Altech Netstar in partnership with Identity Partners, who acquire an additional 5% interest Acquisition of 25% stake by Thebe Tourism Group in food services business Compass Group Southern Africa Acquisition of 51% interest in Kamnandi Retail (Accessorize) Sale of Thebe Tourism Group transport business Windward Tours Assets Under Management reaches R5.5bn as at 31 March 2010 Thebe disposes of Indwe Risk Services December 2010 Thebe disposes of Emid
2011

2011

Thebe establishes a Power & Infrastructure division Thebe establishes Thebe Foundation to drive the overarching Group strategy on community development Sale of Thebe Employee Benefits to SALT No. 3 Sale of Cunningham Lindsey to Cunningham Lindsey International Europe B.V. Thebe partners with Mainstream Renewable Power South Africa as part of a bidding consortium for South Africa’s integrated resource plan for electricity 2010 (IRP2010) Mainstream Renewable Power is awarded preferred bidder status to deliver 238MW of wind and solar projects into commercial operation in South Africa by 2014.
2012

2012

Creation of a new divisional portfolio (Thebe Services), housing all customer-facing service businesses March 2012 Thebe disposes of its remaining 15% in Safrican April 2012 Thebe disposes of Creditworx (Pty) Ltd
2013

2013

Thebe acquires 70% interest in Reatile Timrite, a mining industry supplier Thebe acquires 100% of Unico from Shell SA Thebe turns 21 Thebe evolves its Mergers & Acquisitions department into a Business Development and Strategy division Thebe forms a partnership with Reed Exhibitions International Thebe revises its Corporate Identity and launches a group wide digital publication called The Thebe Times Sale of 40% interest in Thebe Exhibitions (Thebe now holds 30% and name changed to Thebe Reed)
2014

2014

  Thebe partnered with Mainstream Renewable Energy to bid for Window 3 of Round 1 of REIPPP and was awarded 3 projects, in Khobab, in Loeriesfontein and in Nouport Thebe establishes Thebe Connect Thebe establishes a Resource Incubator to focus on funding early stage resources projects with external funding Thebe establishes Thebe Ventures as part of the Business Development division, to focus on developing early stage greenfield business Thebe, through a joint venture, acquired 100% of Compass’ logistics business and named it Thebe Mohebi
2015

2015

Thebe acquired an additional 49.9% shareholding in Cape Point from Murray Roberts, taking its shareholding to 100% Thebe acquired 100% of Turnstone Drilling Merger of SSAM and SSAR Disposed of Rowmoor and Kamnandi stores.
2016

2016

Thebe acquired 57% of Sekelo, an oil trading company mainly focusing on domestic trades Thebe acquired 28% in STISA an oil trading company mainly focusing in Africa Thebe acquired 15% of Burgan Cape Terminal a fuel storage company based in Western Cape Thebe acquired an additional 16% shareholding in Compass Group Southern Africa, taking its total shareholding to 41% Thebe (through a joint venture) developed its first student Accommodation, Bertrams Mews Thebe acquired its first sale and leaseback property, 320 South Coast Road Thebe subscribed for a 50% shareholding in Sithole Restoration Services in order to fund the feasibility study for the development of an eco-tourism project, in partnership with a local community, on community-owned land Thebe disposed of its 20.8% in Safripol (that it acquired in 2007) Thebe, through Thebe Ventures, acquired 10% in Consolidated Africa Limited an Australian graphite listed company Thebe disposed of TTG Retail Group Thebe settled its FMO debt.
2017

2017

Thebe acquired a 51% equity stake in Botha Roodt, a fresh produce agency operating at the Johannesburg market Thebe acquired 51% of Clear Asset an online auction company Thebe celebrated its 25th Anniversary Thebe increased its equity shareholding in Kaya FM from 45% to 70.1% A consortium known as Seriti Resources, in which Thebe has a 25% shareholding, acquires the New Vaal, New Denmark and Kriel mines from Anglo America Thebe disposed of its 50.1% shareholding in Travelex Africa to Travelex Thebe disposed of its 30% shareholding in Thebe Reed to RELX Group Thebe disposed of its 51% shareholding in Batsumi to Thebe Foundation
2018

2018

Thebe acquired 51% shareholding in Harvest Fresh Thebe acquired 50.1% in Discover Digital Acquired 25.5% of Biotherm Thebe appoints Sizwe Mncwango as CEO
2019

2019

Thebe increased its shareholding in Compass SA by acquiring the remaining 59% and changed the name of the business to Empact Group. Thebe Acquired 30% of Pride Milling Co Thebe acquired an additional 19.46% shares in Thebe Connect from JSI Trust