LEOMAT Construction officially welcomed new partners on board for a major BBBEE (Broad Based Black Economic Empowerment) transaction with Johannesburg-based energy, construction and telecoms investment holding company Menston.
Menston is a 100% black owned, black managed company with a level one BBBEE score.
The deal will enable the 37-year-old Richards Bay business to increase market presence on a national scale and secure meaningful empowerment credentials.
Leomat Managing Director Leo Mattioda said the deal was 10 years in the making.
‘Today marks the end of a process that started a long time ago.
‘We have a formidable, dynamic team and I am confident that with Menston, Leomat is headed for even greater things.
‘The future looks bright, because we are committed to BEE and the youth.’
Menston Chairman Zamani Jali, whose illustrious career includes former positions such as Director of Total SA and legal counsel for British American Tobacco, said the main objective was to drive growth.
KZN MEC for Economic Development, Tourism and Environmental Affairs (EDTEA), Mike Mabuyakhulu, said he admired the ‘bold move’ by Leomat.
‘I must compliment Leo for making the decision.
‘He built a company over a long period of time with his own sweat and blood.
‘Today we witness the new democracy and transformation we have wished for. As government, we see this as a gigantic step forward, particularly for this sector.
Pushing projects
Mabuyakhulu said the EDTEA is putting considerable focus on resolving development hurdles in Richards Bay.
‘I have intervened to assist the Richards Bay Industrial Development Zone with their issue of land availability for the Phase 2A (industrial estate) project.
‘We are also determined to find finality on the container terminal problem for the Port of Richards Bay. This matter will be resolved within the next six months.
‘The R17-billion Swazi Rail link, which will move bigger volumes of coal from Mpumalanga to Richards Bay, will also bring immense opportunities.
‘There are various strategic maritime projects earmarked for this city and we are doing everything possible to secure investment, but certain matters like the efficiency of the port must first be addressed.
‘I strongly believe that despite our subdued economic outlook, we have opportunities here to seize if we do not get distracted by the sideshows of negativity.’
