Saab concludes R95m defence BEE deal

01/07/2008 23:54. A former KZN law professor and director-general leads Saab Grintek Defence's new BEE consortium. Leon Engelbrecht

Saab Grintek Defence has concluded a R95 million black empowerment deal with a consortium headed by Imbani Amandaba.

Former law professor and KwaZulu-Natal director general (DG) Mandla Mchunu owns Imbani Amandaba. The 100% black-owned company's members consist of investors from historically disadvantaged groups.

Saab CEO Åke Svensson says the consortium now owns a 25% plus one share in Saab Grintek Defence.

"This transaction reflects Saab's confidence in the opportunities in SA and our commitment to SA's industrial growth and future prosperity," says Svensson. "Imbani Amandaba will add value in business growth and strategic positioning of Saab in the South African... // Moneyweb