Super Group announced this week that an empowerment transaction has taken place with PEU Investment (Pty) Ltd. PEU has acquired an equity holding of 25.1% in Super Group that will result in strengthening Super Group's market position in its key business areas.
A 25.1% shareholding by PEU means that Super Group will become the leading black economic empowerment (BEE) company within the industries in which it operates. PEU will also participate on all committees that influence the operations and strategies of Super Group and will have the right to appoint 25 - 30% of Super Group's board of directors.
Philip Smith, managing director of Super Group Supply Chain Management Division comments: "Super Group has always had a progressive social responsibility culture and has established diverse effective job creation programmes while continually engaging and assisting black entrepreneurs.
Over the past seven years Super Group developed a partnership-based relationship of trust, mutual respect and value-add with PEU. The relationship was formalised in 2000 when PEU acquired 30% of FleetAfrica."
Three years ago FleetAfrica had a fleet of 2000 vehicles and was focused on commercial vehicle fleets. Today, with PEU's assistance, FleetAfrica provides optimal fleet management solutions beyond traditional FML and is one of the leading players in the market with more than 17 000 vehicles under their management. PEU and Super Group have demonstrated that with the right partnership vision becomes a reality.
Super Group Supply Chain Management offers a comprehensive range of supply chain services including:
Super Group Supply Chain Management is proud to be a part of a black economic empowered Group and is now better positioned to assist clients in meeting their BEE procurement targets.