Moody’s Acquires Majority Stake in GCR Ratings, AIH Confirmed as Empowerment Partner

Mauritius, May 18th, 2022 – Global Credit Rating Company Limited (GCR) is pleased to announce that Moody’s Corporation (NYSE: MCO) has acquired a majority (51%) stake in GCR. GCR is a leading credit rating agency in Africa with a broad geographic footprint that includes South Africa, Nigeria, Senegal, Kenya, and Mauritius.

GCR’s 25 year proven track record and successful domestic operations across the African continent, together with Moody’s international expertise represents a unique opportunity to contribute to the development of capital markets and the wider economies across Africa. GCR expect this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions on African markets.

As part of the broader GCR acquisition, African Women Chartered Accountants Investment Holdings (AIH) has acquired a 20% stake in GCR South Africa. AIH is a 100% black women-owned investment company. AIH will provide local strategic support through its equity participation and representation on the GCR South Africa board.

Following the acquisition, GCR will continue to develop its own ratings methodologies and issue its own credit ratings and will maintain a separate management team.


With a 25-year track record, GCR has developed a very substantial, market leading pan African credit ratings business, encompassing over 600 credit ratings across 25 countries in Africa. GCR is licensed as a rating agency in a number of markets, including Mauritius with the Financial Services Commission, South Africa with the Financial Sector Conduct Authority, Kenya with the Capital Markets Authority, Nigeria with the Securities and Exchange Commission, and CREMPF in the West African Monetary Union. GCR is also recognised as an eligible External Credit Assessment Institution (ECAI) by the Bank of Mauritius and the South African Reserve Bank. 


AWCA Newsletter



March 2022

On the 3rd of March 2022, Futuregrowth Asset Management (Pty) Ltd (Futuregrowth) and Old Mutual Investments Holdco has announced the signing of a Share Sale Agreement for the acquisition of 21.2% of Futuregrowth shares by AWCA Investment Holdings (Pty) Ltd (AIH)

The Transaction – which is subject to some conditions precedent, including the receipt of regulatory approval – will see a special purpose vehicle owned by AIH and AIH Capital (Pty) Ltd purchasing the Futuregrowth shares from Old Mutual Investments Holdco.

“We are truly honoured to be partnering with an asset manager that made its mark as a responsible investor many years before the recent emergence of the ESG movement. We look forward to continuously making a positive impact in our country as we together serve Futuregrowth’s clients and grow the business.” Say Sindisiwe Mabaso- Koyana who is the founder and chairperson of AIH, as well as Managing Partner of AIH Capital

AWCA has been instrumental in helping to transform the sector, particularly by supporting aspiring black female CA candidates with the added aim of creating the next generation of leaders and captains of industry. Like Futuregrowth, AWCA believes that investing in education and skills development will reap the long-term benefits of an increase in scarce skills, as the beneficiaries of this investment will ultimately contribute to increased productivity – either as employees or business owners

Futuregrowth Asset Management is a leading fixed interest investment company that manages around R193 billion (+/- US$12 billion) * of assets on behalf of its investors, which are predominantly South African retirement insurance and retail funds. Futuregrowth has been part of the South African asset management landscape since 1995 and is an affiliate of the Old Mutual Investments Holdco (OMI). OMI has been the majority shareholder of Futuregrowth since 2008.

Ms Jesmane Boggenpoel who is director at AIH and Managing Partner at AIH Capital had this to says: “The AIH/ Futuregrowth deal is a flagship deal for us, as our first deal for our new Private equity fund and as an acquisition in a leading & well-respected asset manager.”



AWCA Newsletter

(ARTWORK:I feel her by Reggie Khumalo)

The President’s View

Welcome to the month of February!
For some, the month of love 💕; some, the end of “Januworry” but for all a blessing of health and life.

The country has bled  at the loss of life from the COVID-19 pandemic and most recently the damage caused by Cyclone Eloise. However, we have much to be grateful for. February also marks the turn of the tide in the fight against COVID-19 as we received our first consignment of the COVID-19 vaccine. We look forward to many positive outcomes from the planned rollout and hope it is the beginning of reviving the economy and the end of our collective pain and strife.

Still with new beginnings, how are those resolutions coming? If we have learnt anything at all, it is that life is precious and we ought make the best of it everyday. So spend time with loved ones, write that book, learn how to ride a bike, bring your Pinterest boards to life … bring out your best self  always.

We are certainly looking forward to hosting an exciting number of programmes and initiatives in the year ahead. We set the ball rolling with a sensational collaboration with fine artist Reggie Khumalo (@reggiethenomad). We present to you an exclusive body of art titled ‘I Feel Her..”. It is without a doubt an ode to women everywhere. Here’s what the artist had to say about the piece;

” She doesn’t have to show you her power, she is the power. She doesn’t have to conform but from the back she leads. Her humbleness is her strength. Her weakness worn as armour. She doesn’t know it yet but she is a future President, CEO, engineer … Her doubt is not a matter of confusion or disbelief but of asking herself, “will they be able to handle me”,.. She knows she is already all of the above and more. Is true power what you see or is power, what is felt. I can feel her energy all the way from the back of the room. She doesn’t have to announce herself. I feel her…” – Reggie Khumalo
Reggie Khumalo is a South African fine artist and motorbike adventurer. He travels and works across Africa to bring back Ubuntu and help disadvantaged children from all over Africa to get an education. After every big trip, he holds an exhibition of the work inspired by the journey and donates a percentage of his profits to charitable causes. As such, collecting his art is not only an investment, but also a vehicle for social change.

AWCA, a champion for education and the development of the African child, has partnered with @reggiethenomad to bring you ” I feel her”. You can now own 1 of 10 of these special edition prints by emailing to express your interest.

Artwork retails at R10 000 each.All proceeds go
towards the AWCA Bursary Fund.
Framing available at cost.

Yours in service,
Zama Khanyile CA (SA)


Hollard Announces Partnership with Tokio Marine Group – 7 September 2018

Hollard Insurance Group Announces a ground-breaking partnership with Tokio Marine Group.

Recently The Hollard Insurance Group announced a ground-breaking partnership with the Tokio Marine Group, the largest insurance group in Japan, and among the largest in the world. Tokio Marine will acquire a 22.5% stake in Hollard South Africa and Hollard International for approximately R5 billion, fulfilling Hollard’s long-held goal of partnering with a major international insurance group. 

The Tokio Marine Group was established in 1879 and incorporates Japan’s oldest Insurance company, Tokio Marine Insurance. The Group employs almost 39000 people in 38 countries and, reported an income of just over 5 232 billion Yen (R725 billion at today’s exchange rate).

This is a game-changer for Hollard, as not only does it represent a significant vote of confidence in Hollard, but also in South Africa and in the African continent as a whole. The transaction is aligned with President Cyril Ramaphosa’s call for $100 billion to be invested in SA over the next five years, and is an endorsement of the well-regulated South African financial services sector.  The access to capital this partnership provides will help to accelerate our ambitious plans in Africa and Asia.

AWCA investment Holdings would like to congratulate Hollard this big honor.

Reef Tankers gets Awarded – 15 November 2018

Reef Tankers awarded the 2018 CAIA Responsible Care Haulier award.


We would also like to congratulate one of our shareholding partners, Reef Tankers on being awarded the 2018 CAIA Responsible Care Haulier award. This award is in recognition of their year-on-year increase, with regards to their performance of their responsible care programmes and for sustaining a high safety, health and environmental performance over the last three year period.

The award was presented to the company at a function held at the Johannesburg Country Club where members of the Chemical and Allied Industries Association’s gathered. The CAIA, is an association that forms part of a worldwide network of Chemical industry associations, which seek to promote the continuous improvement of performance in the safety, health and environmental arenas, as well as to boost productivity and competitiveness of the chemical and allied industries in South Africa. 

AWCA Investment holdings is very proud of this achievement by Reef tankers, and we are delighted to be associated with a company that puts matters such as health, safety and environmental arenas at the forefront of their concerns. 

The Appointment of Ms. Gugu Sephamla’s on 1 October 2018


We would like to congratulate one of AIH board members, Ms. Gugu Sephamla on being appointed as the Corporate Affairs Group executive at Barloworld. She was announced to be part of the Executive Committee late last year and we are very pleased with her accomplishment. We wish her all the best on her new appointment.

The Appointment of Nomfundo Marivha’s on 1 October 2018

We would like to congratulate Ms. Nomfundo Marivha, our previous business analyst has currently been appointed as an associate director at Deloitte. She was a very important asset to the company, and her presence will be sorely missed. We wish her well on her new venture that she is about to embark on.

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Sindi Mabaso-Koyana CA (SA) (Chairperson)

Sindi Mabaso-Koyana, is currently the Executive Chairperson of The African Women Chartered Accountants Investment Holding Company. She is the outgoing Chairperson of Advanced Capital and of the Advanced Group of Companies. Sindi is a Chartered Accountant by profession with experience in the public and private sector. Her illustrious career includes being Managing Director of Viamax Logistics, Group CFO of Transnet, Executive Partner at Ernst & Young. She has served on a number of boards including Transnet, SAA, South African Institute of Chartered Accountants, MTN, SANRAL, Altron Group, Broadband SA, Armscor and FIFA in Zurich as the Deputy Chairperson of the Audit & Compliance Committee as part of the Governance Reform process. 

Her current board positions include Adcorp Holdings LTD, MTN Zakhele LTD and Toyota SA. She is the Founder Member and Former President of African Women Chartered Accountants(AWCA). She now chairs the Advisory Board of AWCA. Sindi is a renowned leader and champion in growth and development of young women. Sindi has been named one of the Top 20 Most Powerful Women in South Africa and was a Finalist for the Business Woman Award of South Africa in 2004. Sindi was, in 2013 nominated by The CEO Magazine’s Most Influential Women in Business and Public Sector. She was the Chairperson of the Task team of The South African Institute of Chartered Accountants which launched the paper on Meaningful Reporting on Broad Based Black Economic Empowerment (BBBEE) and is now the Chairperson of the Chartered Accountancy Sector Charter. Sindi is a Fellow of the Aspen Global Leadership Network (African Chapter).

Nomavuso Mnxasana - CA (SA) (Non-Executive Director)

Nomavuso is a Chartered Accountant, having obtained her B Compt and Hons from the UNISA. She trained at Deloitte and Touche and after completing her articles she spent one year at Deloitte before joining SizweNtsaluba vsp (former Nkonki SizweNtsaluba). She spent 10 years as Senior Partner and Exco member at SizweNtsaluba VSP. She was specialising in consulting, internal auditing and attest function. She started the Corporate Governance division which housed the internal audit services as she identified this opportunity during the introduction of the Public Finance Management Act (PFMA). She was also involved in staff development and training as a staff partner for five years. Some of her major clients included, Eskom, SAA, MTN and Sentech.

Nomavuso was the head of the Imperial Group Internal Audit division and responsible for risk management in the Group. She successfully implemented risk management in the group both locally and internationally. As a result, she obtained a good understanding of the various industries within which the Imperial Group operates. Having recognised the shortage of black qualified Chartered Accountants in South Africa she introduced Training Outside Public Practice (TOPP) within the Imperial Group. Her current directorships include Nedbank, JSE, ArcelorMittal, and IDC. She has previously served on the boards of Landbank, Wiphold, Imperial Bank and Optimum Coal.

Precious Sibiya CA (SA) (Non-Executive Director)

Precious Sibiya CA(SA)  Precious is an accomplished executive and non-executive director with many years of experience in various leadership roles. She has more than 20 years corporate experience in finance, risk management, financial management, supply chain management and compliance. She is a seasoned professional who has worked in various roles across diverse industry sectors (viz logistics, energy, financial services, insurance, consulting) within private and public sectors. Her roles range from Internal auditor, Risk manager, General Manager Finance to Internal Audit Director.

She has served and continues to serve on various boards and audit committees in the roles of Board member, chairman, deputy chairman and committee member.

Her current boards and committee engagements are Ithala Development Finance Corporation, AIH, Ethekwini Municipality, National Credit Regulator,  Ekurhuleni Municipality, Financial Intelligence Centre and Reef Tankers (Pty) Ltd.

She has previously served on the boards and/or audit committees of Sentech, SkX, Parliament of South Africa, Gauteng Provincial Government, National Gambling Board, AWCA, Union Life, NEHAWU Investment Holdings (NIH), South African Reserve Bank Captive Insurance Company Limited (SARBCIC) , City of Johannesburg, Eskom Finance Company and Eskom subsidiaries in Africa (Umeme Ltd in Uganda, Elgas in Mozambique), amongst others.

Precious is a member of the South African Institute of Chartered Accountants and African Women Chartered Accountants. She completed her articles at Deloitte in Durban where she qualified as a Chartered Accountant. She is also a registered business rescue practitioner.

She is passionate about community development especially programmes involving children and rural women.

Melanie Elephant is employed as a Manager within the Diversified Lending and Leverage team of Standard Bank’s Investment Banking division. Her role includes the origination and execution of term lending transactions for corporates listed on the Johannesburg Stock Exchange. She has gained extensive experience in Black Economic Empowerment (BEE) both in her capacity as Operations Director at PKF BEE Solutions and Regional Executive at Empowerdex. Prior to joining Empowerdex, Melanie managed an audit practice as a sole practitioner, servicing both private and public companies. Melanie qualified as a Chartered Accountant in 2004 after completing her training contract with Deloitte & Touché in Johannesburg in 2003. In October 2007, Melanie joined the Board of African Women Chartered Accountants (AWCA). Her role in the Professional Development portfolio included the facilitating of Qualifying Examination preparatory workshops for members and hosting of the annual AWCA Career conference which showcases employment opportunities for members. She has also been responsible for fostering and maintaining key stakeholder relationships as part of the Strategic Alliances portfolio and spearheads the AWCA weCAre CSI project which aims to help disadvantaged individuals by providing them with monthly food parcels. In 2011, Melanie assumed the role of Deputy President, a position she held until her resignation from the Board of AWCA in 2015.

Gugu Sepamla (Non-Executive Director)

Gugu Sepamla joined the World Economic Forum’s Young Global Leaders under the age of 40. Achievements like these are nothing new for Gugu who was previously named as one of 2016 Mail and Guardian Top 200 Young South Africans. As former MD at Barclays Africa, Gugu was responsible for looking after a portfolio of strategic investments across various sectors, and heading up the Public Policy and Regulatory Affairs. She has Post Graduate qualifications from Wits, Havard, Insead and Yale. Her diverse professional experience ranges from Strategy, Emerging Markets, General Management, Public Policy, Corporate Governance, Business Development.

Gugu serves on a number of boards including but not limited to Air Liquide, AIH, Boston Consulting Group (“BCG”), Wits Business School and served for 5 years at Media Development and Diversify Agency (“MDDA”) as Chairman. Prior to joining BCG, Gugu has held various senior positions at Barclays Africa as Managing Director for Public Policy and Regulatory Affairs and at Ernst and Young, Public Investment Corporation (PIC), Spin Media, State Information Technology Agency and the South African Broadcasting Corporation. In recognition of her leadership and achievements, Gugu is an ALI Fellow. She was named by Forbes Magazine, for two successive years as one of 10 Most Influential Females in Africa. Gugu is passionate about business, the advancement of women in business and transformation. In honour of recognising the importance of human rights in the empowerment of young women, she teaches Maths and English in Soweto. Gugu is a Senior Advisor at The Boston Consulting Group. She was a Senior Partner at Ernst & Young. She is the Public Sector and Government Leader in Africa and a priority account leader. She was appointed to the leadership team of the African firm and contributes to leadership of the firm across the globe. In a short time, she has made a meaningful contribution to the firm in a number of different ways. Gugu has demonstrated her leadership strengths among her colleagues by engaging them strategically in significant areas of the business related to both its market and people strategies. As such, she has earned their respect and is often sought for her advice and guidance. Gugu is one of South Africa’s pioneering women working across business and government with a focus on global financial services. She has also been adviser to many senior government leaders at a ministerial level. As a Fellow of the Aspen Institute’s African Leadership Initiative, Gugu has been identified as a leader within Africa who is a role model as well as pioneer across disciplines.

Buhle Hanise (Non- Executive Director)

Buhle Hanise CA(SA)

Buhle Hanise is the President of the AWCA. Buhle is also the Chief Financial Officer at BAIC SA (A new Automotive OEM in SA). Buhle sits on multiple boards as a Non-Executive Director including the JSE listed Transaction Capital, the Outsurance Group, Safcol and Summit Africa.

Buhle Hanise completed an Advanced Course in Business Rescue Practice from the Law Society of South Africa (LSSA). She has also completed a Development Finance Programme from the University of Stellenbosch (USB) Business School. She obtained an Advanced Certificate in Insolvency Law and Practice from the University of Johannesburg and an Advanced Certificate in Emerging Markets and Country Risk Analysis at Fordham University in New York, USA. Her previous positions were at Nedbank Corporate, KPMG and the IDC.