Pembani shareholders and the remaining Shanduka shareholders have completed the signing of transaction agreements and submitted the regulatory filings in order "to create a new black-controlled, pan-African industrial holdings group". The group will play "a leading role in the natural resources, infrastructure and industrial sectors", according to a statement issued yesterday.It was at pains to point out that "as a result of his divestment from Shanduka, which was announced in November 2014, Cyril Ramaphosa will not have any shareholding or any direct or indirect commercial interests in the group".Last month the Democratic Alliance's Pieter van Dalen stoked the embers of a heated parliamentary debate on energy when he questioned the role of Ramaphosa in leading Eskom's so-called "war room".He called the deputy president the "king of coal" - in reference to his connection to resources companies that have made money from selling coal to electricity-hungry South Africa.The Presidency, however, said: "Ramaphosa has divested his financial interests in Shanduka following his assumption of office, consequently, the deputy president holds no mining interests."Shanduka will be one of the new group's larger assets along with Engen and AfriSam in its portfolio with a "value in excess of R9-billion, which will give it significant scale, with liquidity to pursue value-creating opportunities in sub-Saharan Africa".The new group will be chaired by Phuthuma Nhleko, co-founder and chairman of Pembani."The completion of the transaction remains subject to the required regulatory approvals and consents being obtained and finalisation of ancillary transaction documents," yesterday's statement said."The requisite approvals will be sought in the shortest practicable time possible." ..