Investment holding company Sekunjalo Investment Ltd., led by its chairman M. Iqbal Survé, has become a new strategic partner to Saab AB and has taken up a shareholding in Saab South Africa (PTY) Ltd. It is listed on the Johannesburg Stock Exchange, and a majority black-owned and black-controlled company with strong Broad-Based Black Economic Empowerment (B-BBEE) credentials.
Through the transaction Sekunjalo Investment Ltd. acquires an up-front equity interest in Saab South Africa Ltd., corresponding to 25 percent of voting rights and 5 percent of the capital. Based on the performance of the company, Sekunjalo Investment Ltd. will, over time, be entitled to increase its share of the capital up to a maximum of 25 percent. This strategic relationship will complement current BEE partners and further reinforce and develop existing Saab business in South Africa.
Åke Svensson, CEO and President of Saab AB, commented, “This transaction confirms Saab’s confidence in the opportunities within South Africa and the Sub-Saharan region as well as our commitment to the industrial growth and future prosperity of South Africa. With Sekunjalo Investment Ltd. as a strategic partner Saab will further strengthen its position in the South African market.”