BEE group buys into maritime sister companies

EMPOWERMENT investment group African Renaissance Holdings (AHR) has acquired a 20% stake in Cape Town sister companies Marine Bulk Carriers and Marine Crew Services. Both black empowerment companies, they were established five years ago to increase South Africa’s interest in the international bulk shipping business and train and enhance jobs for South Africans in the maritime world. Jan Rabie, MBC and MCS director, says the investment by ARH will strengthen the capital base of both companies. Revenue associated with their operations is already close to R500 million. “Only a fraction of the shipments of South African iron ore and coal is handled by South African shipping companies and MBC, with the support of ARH and our co-investors, will be able to expand its involvement in iron ore and coal shipment of close to 100 million tons a year.” Jurgen Kogl, ARH’s CE, says his company – under the leadership of late chairman Dr Vincent Msibi, – has for some time been looking at opportunities for investment in shipping. “The success of MBC, which has become a leading South Africanbased dry bulk operator in just five years, and MCS, which has carved an important place for itself in the Southern African seafaring training and crew placing world, has convinced us we will be partners with similar objectives.” Aside from ARH and Jan Rabie, the other MBC and MCS shareholders are Sanko Shipping Co of Japan, chairman Lester Peteni and shipping personality Robert Knutzen.