WDB Investments Who we invest in.

Investment Mandate

WDBIH’s mandate is to grow its portfolio of investments as well as generate sufficient cash flow in order repatriate dividends through to the WDB Trust to fund its programmes. WDBIH has equity investments in key sectors in South Africa including industrials, life insurance, banks, oil and gas, real estate, media and basic resources. WDBIH’s mandate is to further diversify and grow its portfolio by investing in key strategic sectors in SA.

WDBIH adds strategic value in its investments through board representation, facilitating women empowerment and skills transfer, working with our corporate partners in their enterprise development initiatives.

Investment Criteria

  • Targeted sectors: Food and Agriculture, Residential and Commercial Property, Media & Telecoms and Technology, Education, Renewable Energy/Utilities, Healthcare and Pharmaceuticals, Retail, FMCG and Diversified Industries.
  • Target equity returns: WDBIH seeks to make equity investments in growth businesses that generate cash, and seek market and sector related IRR’s.
  • Investment horizon: We maintain long term investment horizons, taking a longer strategic view of our investments, through various cycles, without the pressure of an exit.
  • Investee company profile: We invest in businesses with growth, strong cash generative ability and healthy dividend flow.
  • Efficient use of capital: We seek to maximize our capital return by reducing our cost of capital, through a combination of debt (including vendor and third party funding) and own equity.
  • Investment level: we seek to hold all our investments at holding company or group level.


Woolworths Holdings Limited (“WHL”) is a South African-based retail group listed on the Johannesburg Stock Exchange since 1997. The group employs more than 38 000 staff across 15 countries and trades in 1 200 store locations.


The Bidvest Group Limited, is an international investment holdings company with investments across the food services, broad services, trading and distribution industries. The Group was founded in 1988 and listed on the JSE in 1990.
Maemo Motors is a Mercedes Benz dealership based in Rustenburg. They sell the following brand names: smart, Chrysler, Jeep, Dodge, Mitsubishi Motors, and Mitsubishi Fuso as well as Mercedes Benz Commercial Vehicles – sale of new and used vehicles, sale of parts and service.

Life Insurance

When Discovery was established as a small specialist health insurer two decades ago, we made a clear and profound promise: to make people healthier. Driven by constant innovation over the years, we created a multifaceted, integrated financial services organisation and expanded our original promise to include enhancing and protecting lives. By using powerful financial and behavioural structures that meet people’s complex needs in sustainable ways, Discovery’s products and services have been created to deliver real value, protection and efficiency for our clients.
Assupol Life has been providing relevant and affordable life cover to millions of South Africans since 1913. We are proud of our dedicated and personal client service, which is based on our core value of treating clients fairly.
MMI Holdings Limited (MMI) is a South African based financial services group listed on the South African stock exchange, the JSE. MMI was formed from the merger of Metropolitan and Momentum, sizable insurance-based financial services players in South Africa. MMI was already the third largest life insurer in South Africa when it listed on the JSE Stock Exchange on 1 December 2010.

The core businesses of MMI are long and short-term insurance, asset management, savings, investment, healthcare administration and employee benefits.


FirstRand’s portfolio of leading franchises provides banking, insurance and investment products and services to retail, commercial, corporate and public sector customers in South Africa and several African countries.

Health Care

Ascendis Health Limited, listed on the JSE in the Health Care, Pharmaceuticals and Biotechnology sector, is a fast-growing health products group, which markets health and care brands for humans, plants and animals. It consists of three divisions:

  • Consumer Brands, which includes nutraceuticals (Chempure, Solal), vitamins (Regal – Foodstate, Swissgarde), sports nutrition (Evox, SSN, Bolus Distribution, Sportron) and skin care (Nimue);
  • Phyto-Vet, focussing on plant and animal health (includes products like Efekto (plant fertiliser), Avima (crop pesticides), marltons; and
  • Pharma-Med prescription drugs and medical devices, which includes Pharmachem (Bencough), wholesaler and distributor with a Medicines Control Council license, Parmadyne, an MCC licensed generic pharma manufacturer in the multivitamin government tender market.

Oil and Gas

Masana is a unique symbol of transformation and growth within the South African fuel industry and within the broader economy. Masana was born in May 2005 out of pursuit of the vision set by three partners: Mineworkers Investment Company (MIC), WDB Investment Holdings (WDBIH) and BP Southern Africa. The partners firmly believe that BEE is about creating a sustainable, diverse and competitive economic climate that reflects the cultural constitution of South Africa.

In a first for the fuel industry, BP, a multinational company, retains only 45% equity of this joint venture. MIC and WDBIH own 35% of Masana, while the remaining 20% is owned by management and staff together.

Real Estate

Safari Investments (JSE: SAR) is property development company listed on the main board of the JSE as a real estate investment trust with a market capitalisation of R1.4 billion.

Safari has exposure to retail properties in affluent townships in Gauteng. The company specialises in the development of high end shopping malls to consumers in townships. This is done through refurbishments, upgrades and other improvements to existing retail buildings. Its property portfolio includes the Atlyn Shopping Centre in Atteridgeville, Denlyn Shopping Centre in Mamelodi and the Thabong Shopping Centre in Sebokeng.

International Housing Solutions, formed in 2005, pursues international affordable housing opportunities in South Africa and Sub-Saharan Africa. IHS invests where housing demand for low-to-middle income households is significantly higher than supply due to rapid household formation and urbanization, housing supply or affordability limitations, and limited development capital availability.

The first fund closed by IHS, named the South Africa Workforce Housing Fund I (“SAWHF”) invested in workforce housing, where the average market value per unit is less than ZAR 650,000 per unit in the case of properties in South Africa (adjusted by CPIX), “missing middle”. The size of Fund 1 was ZAR 1.9 billion with 35 investments having been made since its first close in May 2008. IHS has recently closed its second round of Fund Raising for its second fund, in which WDB Investment Holdings participated.

Rainprop (Pty) Ltd is the concessionaire company. It is an independent private company which operates independently from the DTI. The entity was formed and its key performance areas are to design, construct, finance and manage as per the PPP agreement entered into between the DTI and itself. Currently the company has complied with the design, construct and finance phase and is currently in the management phase.

The company has engaged the services of a Facilities Management Company called the EDC to manage the Dti campus.


Naspers, in furtherance of its empowerment objectives, implemented a Broad-Based Black Economic Empowerment (“BEE”) ownership initiative in relation to MultiChoice South Africa (“MCSA”). The MCSA BEE transaction intended to result in the acquisition by qualifying Black Persons and Black Groups (“General Black Public” or “Black Participants”) of ordinary shares in the issued share capital of Phuthuma Nathi Investments Limited (“Phuthuma Nathi”), which will hold ordinary shares in the issued share capital of MultiChoice South Africa Holdings (Proprietary) Limited (“MCSA Holdings”), the holding company of MCSA (“the MCSA Empowerment Transaction”).

Phuthuma Nathi is a company whose sole objective is to hold ordinary shares in MCSA Holdings for the benefit of its shareholders, being the General Black Public. MCSA Holdings, an indirect wholly owned subsidiary of Naspers, has, as its only asset, 100% of the issued share capital of MCSA.

MCSA is South Africa’s premium pay-television and internet business. MCSA also has a 29,98% interest in M-Net/SuperSport and 100% in M-Web Holdings (Proprietary) Limited (“MWEB”).

MCSA operations:

MCSA provides premium television entertainment through its DStv bouquets to more than 1 million subscribers in South Africa. Operations include subscriber management services and digital satellite television platforms broadcasting over 70 video and over 60 audio channels.

Algoa FM broadcasts from the Garden Route to the Wild Coast. The on-air product is lifestyle focused towards adults who enjoy good music, good living and indulge in quality life experiences.

In addition to good music; the station brings global, national and local news and gossip, sport, local traffic and weather extending across our footprint. We’ve been broadcasting in the Eastern Cape for over 27 years and in the Garden Route, including Knysna, George and Mossel Bay since December 2011.

The station is predominantly a music station, but includes many talk show features. Algoa FM, together with Free State’s OFM and radio sales house United Stations are part of the African Media Entertainment group (AME). Algoa FM broadcasts live from The Boardwalk in Summerstrand, Port Elizabeth.

Smile 90.4FM is an adult contemporary radio station, broadcasting a mix of music and talk, in English and Afrikaans, to the Cape Metropole and surrounding greater Cape Town area. Smile 90.4FM is wholly owned by Cape Town Radio (Pty) Ltd and co-chaired by renowned film producer, Anant Singh who also chairs Cape Town Film Studios. Historically Disadvantaged Individuals hold 88.7% of the shareholding of Cape Town Radio (Pty) Ltd. The shareholders have significant media, entertainment and business experience with a deep understanding of the radio industry.

The shareholders are:

  • Videovision Entertainment (Pty) Ltd
  • WDB Investment Holdings
  • Allparts Cape (Pty) Ltd
  • African Peoples Investment Company (Pty) Ltd
  • Radio 021 (Pty) Ltd

Basic Resources

Kalagadi Manganese (Pty) Ltd, a company that is held by ArcelorMittal (50%), Kalahari Resources (40%) and IDC (10%) has been involved in the exploration for Manganese in the Kalahari Basin. The three farms on which the company holds new order mining rights are believed to overly some 960 million tons of manganese ore. The recent exploration programme has identified 102 million tons of Mineral Resources.
As a major business player in South Africa, we aim to make a real and lasting contribution to the development of the country and its people.

Anglo American-controlled companies account for 15% of the value of businesses listed on the Johannesburg Stock Exchange and since 1999, we have invested more than R143 billion in local capital projects. A further R51.7 billion is earmarked for our future capital investment pipeline, underlining our commitment to our roots and our firm belief in South Africa’s future.

We play an important role in the country’s economy, and our activities account for about 4% of GDP by revenue.


Adapt IT, founded in 1996, is a specialised information technology (IT) services and solutions provider, delivering a variety of specialised turnkey IT solutions and services to the Manufacturing, Education, Financial Services and Energy sectors.

It has a customer presence in over 21 countries across Africa, Asia, Australasia, Europe and North America.

Adapt IT listed on the JSE in 1998

WDBIH ED Fund provides micro and small businesses loans of between R50 000 to R400 000 in Agriculture, Manufacturing, Waste Management and Recycling, Green Energy, and Specialised Services. In addition, the fund provides non-financial support  working with various strategic industry experts.

  • The idea of the WDBIH ED Fund was formulated in 2012 to respond to the Micro and Small Enterprises (MSEs) business and financial needs in South Africa, particularly in rural areas.
  • The ED fund collaborates with industry experts to deliver on its mandate of providing loans and business financial support to the MSEs.
  • The key objective for the ED Fund is to provide access to finance and facilitate technical support, business support and access to markets for the entrepreneurs.
  • The ED Fund’s strategic partners provide unique and different input that complements WDB services ensuring a sustainable business and growth path through each intervention.