THE SHIPPING industry is abuzz with news of the imminent launch of the first black-owned shipping company.
The Durban-based National Empowerment Trust Investment Fund (Netif), a consortium headed up by businessman Don Mkhwanazi, has signed a deal with the Malaysian shipping company Perbadanan Nasional Shipping Line Berhad.
All attempts to contact Mkhwanazi, who had just returned from Malaysia when this issue went to press, were fruitless. But a colleague confirmed that the deal was on and that a spokesperson would be appointed shortly.
According to Business Day, a R250m shipping company, African Maritime Corporation (Afrimar), would be formed which would give blacks a stake in the shipping industry.
Afrimar is reported to be considering investment opportunities in the maritime industry. These include a stake in an existing liner service involved in international trade as well as a diversified local shipping group.
The signing of the deal coincided with the visit of President Nelson Mandela to Asia. Netif at the same time concluded a R100m joint venture with the Malaysian group Killinghall Berhad for the establishment of a new bank in South Africa.
Netif is a private company whose objective is to attract investors to South Africa.
According to local sources, Perbadanan Nasional Shipping Line is a major group with diversified interests headed up by the Malaysian prime minister's son, Merzin Mahathir. While they don't operate in liner trades at present, an industry source reports that they have recently acquired a container ship and have been on an aggressive takeover trail for some time.
