Royal Bafokeng Holdings Ltd., which manages the holdings of the 300,000-strong Bafokeng community, may invest in the oil and gas industry in Africa as it expands investments beyond South Africa, the Sunday Times reported.
Royal Bafokeng will sell some of its smaller holdings and use the revenue to purchase stakes in projects outside South Africa, the Johannesburg-based newspaper said, citing Chief Executive Officer Niall Carroll. Assets under management rose to 35 billion rand ($4.7 billion) this year from 8 billion rand in 2006, the newspaper said.
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