Johannesburg — MINE engineering, construction and project management company TWP Holdings has done a black economic empowerment deal worth R284m with Vunani Capital.

It is expected to become effective with TWP's listing on the JSE main board before the end of this month.

Vunani Capital will acquire a 16% shareholding, and a pre-emptive right to increase this share to 25,1% within 24 months of the TWP Holdings listing date.

Vunani Capital is part of Vunani Limited, a black-owned and managed financial services group established in 1998 that has interests in stockbroking, property investment and development, private equity, investment banking, asset management and research and corporate finance.

Vunani's CE, Ethan Dube , is to become nonexecutive chairman of TWP Holdings. Nigel Townshend, TWP Holdings CE, said Dube's extensive business and financial experience would be an asset.

"In addition, Vunani and TWP's visions for SA and Africa are highly complementary," he said.

"Although Vunani comes to TWP with first-class (empowerment) credentials, they are as important as a business and strategic partner."

The deal was brokered by Nedbank Capital, the sponsors for the TWP listing on the JSE.

Also on the TWP Holdings board will be Henry Makapula, Allyson Lawless, nonexecutive; while Steve Dewsbery as financial director and Townshend as CE are the executive directors. Digby Glover has been appointed CE of TWP's main operating subsidiary, TWP Consulting.

In August industrial engineering company PSV Holdings said shareholders had approved a deal negotiated in May with Vunani Capital, in which the empowerment company would become a 25,67% partner.