| Thu 3 Jun 2010, 16:35 | | SKJ - Sekunjalo - Media Release |
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SKJ
SKJ
SKJ - Sekunjalo - Media Release
Sekunjalo Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/006093/06)
Share code: SKJ & ISIN: ZAE000017893
("Sekunjalo" or "the company")
MEDIA RELEASE
3 June 2010
SEKUNJALO SUBSCRIBES FOR UP TO 25% SHAREHOLDING IN SAAB SA AND COMPLETES NEW
STRATEGIC AGREEMENT WITH SAAB AB WITH STRONG FOCUS ON THE DEFENSE SECTOR IN SUB
SAHARAN AFRICA.
Sekunjalo Investments Limited ("Sekunjalo") today 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.
Mr 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.
Abdulla said "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 5 year 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").
Saab serves the global market with world-leading products, services and
solutions ranging from defence to civil security. Saab has operations and
employees on all continents and constantly develops, adopts and improves new
technology to meet customers` changing needs. Saab`s key offerings include
command and control solutions, tactical communication systems and products,
aerospace, surveillance and sensor systems, and a wide range of civil security
applications including disaster management solutions and integrated security
solutions for the protection of national key points.
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".
Saab has been present in South Africa for more than 10 years and has grown the
South African business to serve an impressive list of clients specifically
within Government and the public sector both of which are expected to grow
further with this partnership.
Khalid Abdulla, CEO of Sekunjalo Investments, said: "We are extremely excited to
partner with Saab AB, one of the world`s leading providers of products, services
and solutions ranging from civil security to defence". Saab AB has a long track
record of success not only in South Africa, but globally and we are excited
about the new opportunities this partnership brings to both Saab AB and
Sekunjalo as well as South Africa and Africa."
Dr Iqbal Surve, 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".
For more information contact:
Khalid Abdulla - +27 21-419 0124 / 082 892 7889
Sponsor: PSG Capital (Pty) Limited
Date: 03/06/2010 16:35:01 Produced by the JSE SENS Department.
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