By Staff Reporter
WINDHOEK
There has been a sudden flurry in Black Economic Empowerment (BEE) deals in recent days, including the Namibian company MoAfrika Investments’ purchase of a 50-percent stake in AFS.
The company marked the latest transaction in the energy sector at a special event last Monday with President of the NCCI, Inge Zaamwani as the keynote speaker.
In terms of this transaction, MoAfrika Investments become equal owners of AFS Namibia through the acquisition of 50 percent of the issued share capital of the previously 100 percent South African-owned company for an undisclosed sum.
In a press statement, the company explained that AFS Namibia is an established Namibian company offering automated fuel (diesel and petrol) management solutions to businesses in Namibia.
According to AFS, it has a proven track record of significantly reducing the cost of fuel for its clients.
The company said MoAfrika Investments brings together a diverse group of African businessmen who, in their own way, have made a significant contribution towards business and society in Namibia. They include Brian Black, Bernhard Esau and Deena Chetty.
David Froman, Chief Executive Officer of the South African parent company, AFS Group, said the Board of Directors of AFS Group is totally committed to the spirit and principles of commercially sensible empowerment.
He added that the company promotes local partnerships and believes it is essential for redressing past inequities and for growth, transformation and normalization of the Namibian society.
Froman went on to say that the board of AFS Group views AFS Namibia as an integral part of the Namibian political, social and economic community.
It therefore endorses initiatives that promote the accumulation of human, intellectual and economic capital at all levels of society as key to the success of Namibia, and therefore also to AFS Namibia.
According to Froman, the services offered by AFS Namibia will not only add immeasurable value to the management of – but also reduction in – the fuel costs of any business.
He argued that it would also go a long way towards ensuring that fuel management in Namibia takes due cognizance of the responsibilities that business has towards the fragile eco system.
Froman added that a lot has to be done to ensure that people did not add to the environmental challenges Namibia faces, and companies like AFS Namibia, in his opinion, are making a difference.
Brian Black, Executive Director of MoAfrika Investments and Chairman of the Board of Directors of AFS Namibia, stated that it is a privilege to be part of this groundbreaking transaction, which results in ownership and management of the business by Namibians.
NCCI President Inge Zaamwani said the transaction highlights the confidence that investors have in the Namibian economy.
“It is through local equity participation and ownership that true economic transformation can be achieved,” she urged.
She highlighted the need to stamp out corruption, and pointed out that e-fuel technology automates the entire fuel management process. It therefore stamps out potential abuse of fuel and corruption that is possible with a manual system.
According to Black, fleet owners could not only save up to 30 percent on fuel bills as it is not the driver who authorizes refuelling, but the e-fuel equipped vehicle.
In addition to this, a company could also achieve considerable saving on staffing and inventory costs.