Petroleum supplier, Masana Petroleum Solutions has three new investors – Ata Capital, Kwande Capital and Identity Capital Partners.
“We chose them because they each have extensive experience as fund managers in sectors such as energy, mining, telecommunications and infrastructure, “says Managing Director of Masana Petroleum Solutions, Abhay Raichoora.
The transaction was done after Masana Petroleum Solution’s two founding empowerment shareholders, the Mine Workers Investment Company (MIC) and WDB Investment Holdings (WDIBIH) exited in order to pursue new investment opportunities.
“The exit of the previous partners provided Masana an opportunity for new BEE entrants to invest in a dynamic business with strong management and good future prospects,” says Raichoora.
The three companies acquired a 35 per cent stake in Masana, which in 2015 had revenue of R9.6 billion.
The “stake became available because of the exit of MIC and WDBIH,” he says.
“We are excited to be a shareholder in Masana. The 35 per cent share acquisition is a significant investment for us and we are excited and looking forward to creating value for Masana,” says Kwande Capital’s consortium’s Chief Executive, Shakes Matiwaza.
Lelo Rantloane from Ata Capital and Deon Dhlomo from Kwande Capital will join Masana’s board of Directors.
Masana Petroleum Solution is already in partnership with BP Southern Africa, one of the world’s leading integrated oil and gas companies.
Masana Petroleum Solution is committed to growth and entering other markets in African continent is as of their expansion programme.