Saab Grintek Defence has concluded a R95 million black empowerment deal with a consortium headed by Imbani Amandaba.
Former law professor and KwaZulu-Natal director general (DG) Mandla Mchunu owns Imbani Amandaba. The 100% black-owned company's members consist of investors from historically disadvantaged groups.
Saab CEO Ake Svensson says the consortium now owns a 25% plus one share in Saab Grintek Defence.
"This transaction reflects Saab's confidence in the opportunities in SA and our commitment to SA's industrial growth and future prosperity," says Svensson. "Imbani Amandaba will add value in business growth and strategic positioning of Saab in the South African and African markets."
He adds that the empowerment credentials of Imbani Amandaba will be complemented through the inclusion of a suitable constituted broad-based black economic empowerment group. "The process to identify such a group is under way."
Mchunu stepped down as KZN DG in September last year. Previous career highlights include a non-executive chairmanship of the Professional Soccer League, heading consulting firm Mchunu, Mashinini and Associates, and being SA's first post-apartheid chief electoral officer at the Independent Electoral Commission.
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