Listed-transport giant, Super Group, has won the approval of its shareholders who have “unequivocally” supported its black-empowerment initiative that would result in Peu Investment Group and black employees acquiring 25,1% of Super Group.
In addition, Peu will have the right to appoint a minimum of 25% of Super Group’s board of directors and participate on all committees that influence the operations and strategies of the transport group, Super Group said.
Larry Lipschitz, CEO of Super Group said the overwhelming shareholder approval of this transaction resulted from Peu’s excellent track record of tangible value creation within FleetAfrica. “It also shows confidence in Peu and Super Group’s ability to replicate our successful growth-based transformation strategy within other group businesses thus resulting in all stakeholders benefiting materially,” he said. Peter Malungani, chairman of Peu, said: “We are excited about being involved in the most meaningful and comprehensive empowerment transaction to date in the industries in which Super Group operates. We are confident about the opportunities that will materialise from this partnership.”
Lipschitz added that this is a major step forward in the Peu-Super Group relationship. “We believe that in a transaction of this magnitude, management’s ability to work well together is essential,” he said. “In this respect, over the last seven years Super Group and Peu management have worked well together and developed respect for each other.”