Allan Gray and family have given their entire stake of the business – a controlling stake – to a charitable foundation. The family’s stake in the company’s offshore partner, Orbis, was also included. The move ends more than 40 years of family control of the company.
The donation will see current equity value of Allan Gray, with an estimated worth of several billion rand, switched to the new Allan and Gill Gray Foundation. The Foundation will be involved in philanthropic endeavours and, according to its charter, must donate all of the dividends which it receives to philanthropic efforts.
According to Ian Liddle, Allan Gray chairman (pictured), once the last few outstanding matters have been sorted, the family will have no remaining economic interest in the firms.
- Stay connected, up to date and in the loop on what is happening in the world of finance and keep track of newly published expert insights and interviews with CFOs and CEOs. Become an online member and receive our newsletter, follow us on Twitter, like us on Facebook and join us on LinkedIn.
