01 Jan Negotiations with Shell SA
The shareholder value of Thebe is decimated | Fundamental restructuring of the Group begins | Establishment of the Group BEE Index (Thebe companies are now measured by reference to board control or equity holding, effective economic interest, management demographics, employee demographics and affirmative procurement) | Strategic decision is made to focus on financial services (including private equity investments) and tourism, and to dispose of all other assets that do not fit this description | Sale of remaining stake in SA Express | Negotiations to acquire a stake in Shell SA commence Sale of FBC Fidelity Bank to Nedcor for R1 (following the capital markets crash and local banking crisis in 1999) | Establishment of Batsumi Airport Ventures in a JV with Cape Union Mart to sell adventure gear