PARTNER OF CHOICE

AEEI purchase of Saab Grintek stake mutually beneficial to both companies

SEKUNJALO Holdings subsidiary, African Equity Empowerment Investments (AEEI), has upped its stake in Swedish civil and defence company Saab Grintek Defence by acquiring a 25 percent plus one share.

The purchase of the stake, worth R120 million, by AEEI has been described by chief executive Khalid Abdulla as a significant transaction that would provide opportunities for both companies to enhance their growth, particularly in the technology sector.

AEEI believes in growing its business interests and expanding its base across the borders of the region and continent.

“It has always been part of the company’s growth strategy to become an empowerment partner of choice to multinationals due to our credibility, expertise and credentials built up over the years,” Abdulla said.

“We are exceptionally proud to have increased our stake within the Saab group,” he added. This partnership would strengthen growth for both AEEI and Saab in Africa and abroad.

Abdulla said this would add to more jobs, skills development and funding solutions in the global market.

The two companies had worked well in the past four or five years, Abdulla said.

“We are confident that our investment in Saab will open many more doors for opportunities across the continent, the globe and especially Brics (Brazil, India, China and South Africa), with the prospect of further exploring AEEI and Saab’s capabilities in the technology sectors and in new markets,” he said.

Saab Grintek Defence acting chief executive Leif Karlsson said they were proud of their association with AEEI.

He said this would boost their businesses in the continent and across the globe.

Saab is a civil security and defence company in Africa, and is intensive in the technology sector.

“This deal demonstrates Saab’s commitment to the South African economy, business and communities and will provide further opportunities for both parties to accelerate their growth, particularly in the technology sector,” Abdulla said.

AEEI’s shares on the JSE climbed 4.73 percent higher to an intraday high and close of R2.88 yesterday.

It has been part of the company’s growth strategy to become an empowerment partner of choice…