SUPER GROUP LIMITED
Super Group has sold 30% of the shares of Super Fleet, its full maintenance
leasing and fleet management company, to empowerment company, Peu Investment
Group.
Peu Investment Group is an empowerment company which has business interests in
the financial services sector, information technology and construction. In
the past year Peu was involved in contracts worth over R3 billion through its
operations in these three sectors. Peu's hands-on approach to running these
businesses is a key attribute that appealed to Super Group.
Dr Larry Lipschitz, executive chairman of Super Group, said that a strategic
decision had been made to position Super Fleet correctly as an empowerment
company in order to pursue all business opportunities including government,
municipal and parastatal outsourcing initiatives. "Super Fleet will not
tender for this business through the creation of special purpose vehicles but
rather with an effective and fully participative partner," he said.
He pointed out that over the past four years Super Fleet had forged a
relationship with Peu and its executive chairman, Peter Malungani and had
relationship with Peu and its executive chairman, Peter Malungani and had
submitted various tenders for fleet based solutions with this company. As a
result of this relationship the companies decided to become equity partners.
"The decision to incorporate Peu was taken following an exhaustive search for
suitable partners and our comfort in dealing with Peter Malungani and his
company," Dr Larry Lipschitz said.
Super Fleet's first success with this new shareholding structure was the recent
award of the City of Johannesburg Transport Tender worth R2 billion.
ends.
For further information please contact Dr Larry Lipschitz on (011) 263 7303
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