ExecuJet South Africa reached an agreement with the Simang Group in respect of a Black Economic Empowerment transaction.
The transaction will see the Simang Group buy a 30% equity stake in the largest Business Aviation Company in Africa.
Stephen Paddy, Chairman of Simang Group, will have an active role in ExecuJet South Africa as Sales & Marketing Director. Simang Group’s CEO, Andrew Masongwa, was appointed non-Executive Director.
“We regard transformation as fundamental to the long-term development and stability of the South African economy and its business in the entire African continent. The transaction with Simang Group attests that ExecuJet South Africa fully endorses these principles and, in addition, views this transaction as a necessary strategic response to increasing market requirements for empowerment credentials” said Ettore Poggi, Managing Director ExecuJet South Africa.