DJ Sbu announces he sold 26% stake of MoFaya for R493m

Sbusiso “Dj Sbu” Leope has announced the sale of a 26% stake of his MoFaya beverages company to Coca-Cola for R493 million.

In a long post on Instagram, the DJ shared a story of where his MoFaya journey started and the challenges he faced with his partners, Mr Molai and Mr Likhuleni Shongwe, trying to create the first black-owned energy drink brand.

“Little did we know what we were getting ourselves into. It’s been a journey full of ups and downs, lessons and celebrations, losses and wins, disappointments and joys. To this day I am proud to have taken up the project.”

Leope said the three men spent spent over R6 million from their own pockets to invest in this business that he says now sells more than 1.2 million cans every month.

Now, five years later, his hard work has finally paid off, he says, in getting a deal they have been silently working on for two years.

He says it’s “an acquisition deal that will see the MoFaya brand produce it’s own carbonated drinks categories, different energy drink flavours and will see the MoFaya Brand in every fridge in the whole of South Africa, SADC and to over 17 African countries”.

“The R493 million paid by Coca-Cola will not go to the MoFaya Beverages Company shareholders but it will be invested back into the company for at least a period of three years before shareholders can withdraw.”

Though he said he would be moving on to start his own company, he sad he would still remain as the marketing director of MoFaya, while Shongwe will continue as CEO.

MoFaya will be operating from the Coca-Cola head office starting from July.

This was only the beginning for the company, he said.

More details will be revealed at the press conference scheduled for Wednesday.

Though some on Twitter have been sending messages of congratulations to the DJ, some have, however, said they will wait for Wednesday to know if the news really is real, as the announcement was made on April Fool’s Day.

Congratulations to him if it’s real, if not, well, dreams have never killed anyone.

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