BEE funding

"In the past 10 years, RMB Corvest has successfully financed almost 90 BEE transactions"

RMB Corvest has relationships with various BEE Groups to provide BEE Solutions to prospective clients, including proud associations with Zico Capital and Shalamuka Capital. Through Zico Capital and Shalamuka Capital, RMB Corvest is able to offer fully-funded BEE investment solutions to clients. In addition, RMB Corvest will finance BEE Groups to acquire shares in businesses they identify and bring to RMB Corvest. Over the past 10 years, RMB Corvest has concluded 50 deals, half of which involved providing a BEE solution to the investee company. For all First Rand Group BEE initiatives and relationships, view the First Rand website.


Zico Capital (Pty) Ltd

Zico Capital is a black empowerment, private equity investment vehicle ultimately owned and managed by Sandile Zungu, a successful and well-networked businessman. Zico Capital is, through its parent, Zungu Investments Company (Pty) Ltd (“Zico”), a meaningful and active shareholder in Fidelity Cash Management Services, Taquanta group of companies and Viamax Fleet Solutions. Zico also leads the broad-based consortia that own meaningful minority interests in Brait South Africa, Medscheme, Aflease Gold, SXR Uranium and Doornkop South Reef JV. The management team consists of individuals who are now highly regarded businesspeople, with extensive national and global networks. These are professionals, with requisite academic qualifications and commercial experience who are all united in their quest to create sustainable wealth for their stakeholders. RMB Corvest also has representation on the Board of Zico Capital.

Read more Zico’s BEE Ownership Assessment

Shalamuka Capital

Shalamuka Capital (Pty) Ltd

Operating as a BEE investment vehicle, Shalamuka Capital was started in 2008 when the Shalamuka Foundation was looking to invest in private equity and partnered with RMB Corvest.

Shalamuka Capital offers investment partners

  • A broad-based BEE private equity company – target companies invested in by Shalamuka Capital will be allowed to treat such investment as 100% black owned for the purposes of the BBBEE scorecard
  • The large black women beneficiary base of Penreach will allow target companies invested in by Shalamuka Capital to treat such investment as 29% black women-owned
  • Access to funding

The funding received by the Shalamuka Foundation from Shalamuka Capital is used to facilitate the growth of the Penreach programme and ultimately improve the lives of the children and educators of South Africa. Penreach is a non-profit, in-service educational development-training programme that was developed to improve the teaching skills of qualified and unqualified educators, as well as their schools in and around the Mpumalanga region.

Through the efforts of Shalamuka Capital and its involvement in Penreach more than 2 000 teachers, 900 schools and in excess of 350 000 learners a year are reached and benefit from Penreach.

Read more Shalamuka’s BEE Ownership Assessment