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Memeza buys 20% of Y&R Gitam

By Published on .

[johannesburg, south africa] WPP Group's Young & Rubicam Gitam sold a 20% stake to a black investment consortium called Memeza QRX. Most large agencies have sold equity to black investors, under pressure from the government, which won't award business to agencies that don't have a minimum of 26% black ownership. The consortium's leader Mavuso Msimang, who is chief executive of the government body South African National Parks, will become non-executive chairman of the agency and two other members of the consortium will work at the agency as directors.
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