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Sekunjalo subscribes for up to 25% in Saab SA

Johannesburg - Sekunjalo [JSE:SKJ] Investments Limited on Thursday announced it has entered into an agreement with Saab AB under which Sekunjalo will become a shareholder in Saab's South African holding company, Saab South Africa (Pty) Ltd, as well as enter into a strategic agreement with Saab AB.
   
This relationship confirms that Sekunjalo has become a partner of choice to multinationals due to its credibility and credentials built up over the years, the company stated.
  
Khalid Abdulla, CEO of Sekunjalo said: "This relationship is in line with the company's strategy to becoming a partner of choice to multinationals in key sectors including the defence sector by adding value, job creation, alleviating poverty, finding solutions in Africa and regional security.
  
"Sekunjalo is proud to acquire an upfront equity interest in Saab SA entitling Sekunjalo to 25% voting rights and 5% economic entitlement.
Sekunjalo will be entitled to increase its economic interest to a maximum of 25% which is based on the performance of Saab SA over the 5year period.

"With this shareholding we are entitled to appoint two members to the board of directors whereby we will be able to add significant value to the deal."
 
It is a common view of both Saab AB and Sekunjalo that the relationship will contribute to achieving great market success in Africa.  
   
In April 2010 Sekunjalo was recognised as South Africa's Top Empowerment Company by the authoritative Financial Mail/Empowerdex Survey and in 2007 the company was selected as one of the top 125 New Champions Global Growth Companies by the World Economic Forum (WEF).
   
Ake Svensson, CEO and President of Saab AB said: "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."
   
Iqbal Survé, Chairman of Sekunjalo said that "The deal demonstrates Saab's commitment to South African businesses and communities and will provide opportunities for both parties to accelerate their growth especially in the defence sector in Southern Africa."
   
- I-Net Bridge
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