Big takeover in South Africa
Kuwait-based National Aviation Services (NAS), Colossal Africa and a consortium comprised of the current executive management team have signed an agreement to acquire Bidair Services from the Bidvest Group. The closing of the acquisition is subject to fulfilling final requirements from the Airports Company of South Africa that manages South African airports as well as other regulatory approvals.
NAS Group CEO Hassan El-Houry (left): "We believe that the success of the aviation industry in Africa is tied to its economic prosperity and have made significant investments into the industry across the continent."
Cingashe Motale, Director of Colossal Africa: "As a 100% black-women owned investment holdings company, our strategy focuses on the development of local capabilities while building a globally competitive company through strategic acquisitions and partnerships in our chosen sectors." (ah)