Pamodzi Investment Holdings: To List or Not to List?

Pamodzi Investment Holdings: To List or Not to List?

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Abstract

In January 2008, the black-owned Pamodzi Investment Holdings (PIH) was at a crossroads, as its chief executive officer (CEO), Ndaba Ntsele, sat down with his board to discuss how to finance the growth of the business. Ntsele and co-director, Solly Sithole, had founded PIH's predecessor, Pamodzi Property Developers, and grown it from nothing in 1979 to a multi-million rand concern, using only debt finance and working capital. PIH, founded in 1997 to take advantage of the opportunities presented by black economic empowerment (BEE) deals, had followed the same funding strategy. But Ntsele wanted to grow PIH into an organisation comparable in size and stature to Anglo American or Bidvest, and he was not sure that PIH could achieve these aims using the same strategy as ...

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