President Jacob Zuma has agreed to extend the period for Deputy President Cyril Ramaphosa to dispose of his business interests, the Presidency said on Friday.

"President Jacob Zuma has agreed to a request by Deputy President Cyril Ramaphosa to extend the period in which to dispose of any financial or business interests that may give rise to a conflict of interest when performing his functions or place administration of such interests under the control of an independent and professional person or agency," spokesman Mac Maharaj said.

Zuma set a four-month period of extension, with effect from July 25, 2014, for Ramaphosa to comply with the Executive Ethics Code, he said.

In January last year, following Ramaphosa's election as deputy president of the African National Congress at the party's 2012 Mangaung conference, it was announced that he would step down from his positions at mining company Lonmin and packaging group Mondi.

Ramaphosa was a non-executive board member at Lonmin and a joint chairman at Mondi Limited and Mondi Plc.

On May 26, Ramaphosa announced a transaction that would result in his "complete divestment" from the Shanduka Group.

He founded the group in 2001.

Shanduka is invested in a portfolio of listed and unlisted companies and has holdings in the resources, food and beverage industries.

The group also invests in the financial services, energy, telecommunications, property and industrial sectors.

Shanduka has investments in South Africa, Mozambique, Mauritius, Ghana and Nigeria.

Ramaphosa said at the time he would continue to be involved in the Shanduka Foundation, a non-profit organisation that works in the areas of school development, skills development and enterprise development.