Businesswoman Judy Dlamini has taken over the debt owed by luxury Hyde Park store Luminance to the National Empowerment Fund (NEF).
She said on Friday she has, “through my private company, acquired all of the outstanding debt associated with the Luminance transaction from the NEF”.
“I have done this as a businesswoman who believes she can position the venture for growth in the South African fashion retail sector.” It is unclear how much debt was outstanding. The NEF lent Luminance R34.1 million, but said some of the debt had been paid.
Dlamini would not answer specific questions, saying “Luminance, as a private company, will not engage further in internal business details that do not involve people who are not shareholders”.
Luminance is owned by Ndalo Luxury Ventures, which is 65% owned by Khanyi and Venetia Dhlomo. Nonduna Investments, which is the Dlamini’s family investment vehicle, owns 15%.
Dlamini did not say which company had acquired the debt, nor did she answer questions about whether this meant she would become a bigger shareholder in Luminance.
Dlamini also sits on the boards of Anglo American and Aspen.
Source: City Press