If memory serves me right, the 40% was bought from G-tech, which was technology provider for the lottery with the remaining 60% owned by couple of Black Trade Unions:
The above information used to be on their wbsmobile.co.za website.
Since the new investors took over from the WBS mismangement, as a subscriber I've seen couple of major changes.
IMO, the new investors have done away with the lottery and mainly focused on the broadband offering.