Bloomberg News

Royal Bafokeng to Expand to Oil in Africa, Sunday Times Reports

March 04, 2012

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.

To contact the reporter on this story: Andres R. Martinez in Johannesburg at amartinez28@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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