KBH was formerly established in August 1994 along with Kunene Finance
Company (Pty) Ltd. ("KFC") and Fortune Investment Holdings
(Pty) Ltd. ("FIH"). Prior to 1994 the Kunene brothers operated
one of the largest wholesale distributors in the Vosloorus, Katlehong
and Kwa Thema areas of the East Rand.
In September 1994 KBH acquired a 51% interest in Coca Cola Bottling
Mpumalanga (Pty) Ltd. ("CCBM") from Coca-Cola Southern Africa
In August 1995 KBH acquired a 10% interest in Grintek Electronics Ltd.
In December 1995 KBH acquired a further 13% interest in CCBM increasing
its stakes to 64%.
In April 1997 KBH completed its first equity placement through "KFC".
The institutional shareholders who acquired a 30 % interest in KFC,
are - Old Mutual, Sanlam, Nedcor investment Bank and Future Growth.
In May 1997 KBH increased its interest in GEL to 30%.
In June 1997 KBH acquired a 30% interest in Kunene McCarthy Motor Holdings,
a successful Mercedes Benz dealership in Witbank, Mpumalanga.
In November 1997 KBH acquired an 8% interest in Kilamanjaro, which
was a listed bottler operating a Coca-Cola franchise in East London.
In December 1997 KBH acquired a 35% interest in the listed holdings
company Grinaker Holdings Limited ("Grintek"), which in turn
owned 70% of GEL and 57% of Siltek Limited ("Siltek").
In May 1998 KBH organised the unbundling of Siltek from GEL which resulted
in a separate listing of GEL under Grintek. It also had the effect of
reducing KTL's controlling position over Siltek from 57% to 27%. At
the same time KBH's 30% interest in GEL was converted into a 27% interest
in the listed company, Grintek.
In June 1998 KBH acquired a further 20% interest in Kilimanjaro thereby
increasing its stake to 28%. In August 1998 the board of directors of
Kilimanjaro was re-constituted under the control of KBH.
In December 1998 KBH organised and completed its second capital fund
raising by way of a rights offer through which the institutional shareholders
of KFC increased their interest from 30% to 42%.
On 8 January 1999 KBH organised the acquisition by Kilimanjaro of CCBM
thereby obtaining a listing for CCBM. At the same time control of Kilimanjaro
was consolidated under KBH. The name Kilimanjaro was changed to Fortune
Beverages Limited ("FBL").
In September 1999 KBH completed its third raising of equity capital
through the sale of a 30% interest in Fortune Investment Holdings (Pty)
In December 1999 KBH completed its fourth capital fund raising through
an underwritten rights issue in KFC.
In February 2000 KBH bought out Rand Merchant Bank's minority shareholding
in FIH and in July 2000 acquired the balance of Rand Merchant Banks
minority shareholding in Grintek.
In August 2000 KBH organised the disposal of its 27% interest in Grintek
to KTL thereby increasing its stake in KTL from 35% to 63% and KTL's
interest in Grintek from 48% to 58%. At the same time Siltek was unbundled
out of KTL.
In September 2000 KBH established the Kunene Investment Trust through
which it acquired a 10% equity option in Glenrand M.I.B.
In January 2002 KBH bought Amalgamated Beverage Limited's minority
share in FIH.
Effective March 2002, FBL merged with the South African bottling operations
of Coca-Cola SABCO, with FBL owning 19,5% of the merged company named
Coca-Cola Fortune ("CCF"), the second largest Coca-Cola bottler
in South Africa.
In May 2002, KTL unbundled its shareholding in Grintek Limited and
subsequently KTL was delisted on the JSE.
In May 2002, KBH exercised its option to acquire 10% of the equity
of Glenrand MIB.
In August 2002, FBL was delisted on the JSE.
In April 2003, KBH aquired a 40% interest in Action Ford, a successful
Ford and Mazda dealership located in Roodepoort and Krugersdorp.
In March 2004, KBH aquired a direct interest of 6% in CCF.
In July 2004, KFC acquired the minority shareholding in FBL whereafter
FBL was unbundled, enabling KFC to retain a direct holding of 13 ,4%
In May 2005 Saab AB of Sweden acquired all the shares in Grintek Ltd other than those shares held by KBH. Following the acquisition Grintek’s shares were delisted from the JSE and the name of the company was changed to Saab Grintek.
In June 2007 KHB increased its shareholding in Kunene Motor Holdings from 40% to 49% thereby creating an effective 50/50 partnership in the Mercedes Benz dealership with the McCarthy Group.
In September 2007 Saab Grintek unbundled its 55% shareholding in Grintek Ewation to its shareholders resulting in KBH holding a direct interest of 12.65% in Grintek Ewation.
In October 2007 KBH sold its 23% shareholding in Saab Grintek to Saab AB. The sale was in terms of KBH’s original shareholders’ agreement with Saab which was entered into at the time the company was delisted.
In November 2007 KFC completed a share buy-back under which it acquired shares owned by a number of financial institutions who owned in total shares representing 7% of KFC’s issued share capital. As a consequence of the share buy-back KBH’s shareholding in KFC increased to 45.5%. Per a voting pool agreement this shareholding increased to 51%.
In February 2010 KFC completed a further buy-back under which it aquired all the remaining shares owned by the financial institutions thereby increasing KBH's shareholding in
KFC to 87%.
Effective 1 March 2011 KBH acquired 30% of Alcatel-Lucent South Africa (Pty)Ltd
During April 2011 the group sold its entire shareholding in Glenrand MIB Limited to Aon South Africa by way of a scheme of arrangement.
During July 2011 Kunene Industrial holdings disposed of 25% of its interest in Kunene Motor Holdings and simultaneously KFC acquired the 25% interest in Kunene Industrial Holdings held by outside shareholders.