PayProp, the largest processor of residential letting transactions in South Africa, recently concluded a series of agreements that significantly change its shareholding. As of 1 March 2016, GivenGain International has again acquired a majority stake in the business through a significant investment in the South African operating entity.
In addition, a substantial minority shareholding was acquired by African Rainbow Capital (ARC), which forms part of billionaire Patrice Motsepe's stable. ARC's directors include Patrice Motsepe, former Sanlam CEO Johan van Zyl, and former Sanlam Investments CEO Johan van der Merwe.
Founded by GivenGain International in 2005 and trading under licence agreement in South Africa ever since, PayProp South Africa gained Naspers as a majority shareholder in 2013. In the three years since, PayProp continued to grow from strength to strength. The company is estimated to manage the trust funds of more than 25% of estate agency firms operating rental portfolios, and in doing so has processed more than R6 billion in rental payments over the past 12 months.
This investment by GivenGain International and African Rainbow Capital signals a strong commitment to investing in the South African economy in a manner that enables equity-based transformation in the technology and property industries.
In other group developments, GivenGain International has embarked on an aggressive international expansion drive of its operating entities. PayProp is on a rapid growth path in the United Kingdom, and expansion further afield is on the cards for this year.