Tokyo Sexwale's Mvela Group posts solid results

Mvela Group the company controlled by South Africa's Tokyo Sexwale on Thursday reported a 21 percent increase in earnings per share for the year which ended in June.

The Group boosted cash generated from operations by 22 percent to U.S. $68.9 million, and increase net profit by 109 percent  to U.S. $65.6 million.

"We are very pleased at this early stage to see tangible evidence of the rationale for this merger. The combination of a quality investment portfolio, exposure to extensive BEE deal flow, cash generation and an entrepreneurial track record, combined with operational and transactional skills has begun to translate into real shareholder value," Sexwale said.

Mvelaphanda Holdings and Rebserve Holdings Limited merged earlier this year in a reverse takeover to form Mvela Group.

Chief executive officer Stephen Levenberg said he was highly satisfied with the performance, at this early stage.