Unitrans Nam in BEE deal

ROAD transport contractor Unitrans Namibia has sold 25 per cent of its business entity to a black-owned group, Pamue Investment Corporation, for an undisclosed amount.

According to Unitrans, negotiations started four years ago and the merger was agreed in principle about a year ago. Unitrans Supply Chain Solutions Chief Executive Frank Wagner said the transaction was vital to his company, which owns a majority share of 75 per cent.He said some of the reasons for Unitrans to enter into the transaction were having faith in the local economy, potential to expand service offering to more integrated supply-chain solutions and to replicate as far as possible what other Unitrans subsidiaries do in southern Africa.Wagner said customers in Namibia required local empowerment in the business, and that the new entity could form the base for expansion of Unitrans Motor retailing and car rental (Hertz) activities into Namibia.”Although we are selling a 25 per cent stake in our Namibian business we expect significant further investment in the Namibia economy as a result of the growth potential unlocked by this transaction.”We believe this transaction will benefit all stakeholders – not just shareholders but customers, suppliers, all our employees and indirectly many other Namibians,” said Wagner.Unitrans Namibia is a member of the Steinhoff group of companies, and Wagner says with this new deal, the company will now also be better positioned to grow its other brands, such as Timber City and Penny Pinchers, in Namibia.Unitrans Supply Chain Solutions Chief Executive Frank Wagner said the transaction was vital to his company, which owns a majority share of 75 per cent.He said some of the reasons for Unitrans to enter into the transaction were having faith in the local economy, potential to expand service offering to more integrated supply-chain solutions and to replicate as far as possible what other Unitrans subsidiaries do in southern Africa.Wagner said customers in Namibia required local empowerment in the business, and that the new entity could form the base for expansion of Unitrans Motor retailing and car rental (Hertz) activities into Namibia.”Although we are selling a 25 per cent stake in our Namibian business we expect significant further investment in the Namibia economy as a result of the growth potential unlocked by this transaction.”We believe this transaction will benefit all stakeholders – not just shareholders but customers, suppliers, all our employees and indirectly many other Namibians,” said Wagner.Unitrans Namibia is a member of the Steinhoff group of companies, and Wagner says with this new deal, the company will now also be better positioned to grow its other brands, such as Timber City and Penny Pinchers, in Namibia.