South African Breweries Ltd (SAB), a subsidiary of SABMiller, has announced plans to sell 40 percent of its bottle top manufacturer to a BEE group.

SAB said on Thursday it would sell 40 percent of Coleus Packaging — worth some R30-million — to the Nokusa Consortium, led by Nokusa Investments.

Coleus had initially been acquired by SAB in 2003 from Highveld Steel. The Competition Tribunal demanded at the time that SAB sell 40 percent in an empowerment deal, while also improving the plant. Coleus had a turnover of R132-million in the financial year ended March 2005.

According to Tony van Kralingen, managing director of SAB, "Nokusa members are highly skilled professionals who have a diverse range of skills and expertise…They will be an excellent partner for the business and we look forward to working with them".

Moss Hadebe, chairperson of Nokusa Consortium added "We welcome our partnership with the SAB and believe that our input into operations and strategy formulation will benefit all parties."

According to the deal, Nokusa will be able to appoint two directors to the five-member board.

SAB shares on Thursday finished 1.6 percent higher at R125 on the JSE Securities Exchange.

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