South Africa's Ramaphosa to exit stake in Shanduka

JOHANNESBURG Mon May 26, 2014 11:10am EDT

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JOHANNESBURG May 26 (Reuters) - Newly appointed South African Deputy President Cyril Ramaphosa will exit his stake in Shanduka, the investment firm he founded in 2001, to avoid conflicts of interest with his new job, the company said in a statement on Monday.

Unlisted Shanduka also said it would merge with the investment firm Pembani, a holding company controlled by former MTN Chief Executive Phuthuma Nhleko, to create what is likely to be South Africa's largest black owned private investment firm. (Reporting by David Dolan; Editing by Ed Stodddard)

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