Women-owned investment company acquires 28% stake in Big Five Duty Free

By Rashidatu IBRAHIM

An all-women-owned investment consortium that incorporates Rumbi and Zithezava has concluded a transaction acquiring a 28 percent stake in Big Five Duty Free (Big Five), one of Africa’s foremost duty-free retailers.

This transaction marks a significant increase in the company’s transformation, which will see Big Five’s Broad-Based Black Economic Empowerment (BEE) ownership increasing from 35 percent to 52 percent, with the team describing themselves as visionaries committed to transforming the South African economy.

With this move, the consortium’s leadership team has already set their sights on expanding Big Five’s brand into the wider African market.

Spearheaded by Kedibone Mooi, Rumbi’s team includes Zimkhitha Zatu-Moloi, Thenjiwe Vanda and Nonhlanhla Mjoli-Mncube. Collectively, the teams’ skills and experiences include entrepreneurship, corporate governance, mergers and acquisitions in the South African and African markets.

Ms. Mooi is currently an Executive Director at Big Five, has entrepreneurship experience spanning over 15-years and holds an MBA. Reflecting on the deal’s conclusion, she intimated the move is a testament to the role women play in the country.

“The conclusion of this deal signals the roles that women continue to occupy in all spaces in our country. Our organisation, Rumbi, draws from the skills, expertise and expansive of knowledge from our formidable all-women team. We are incredibly proud to be a part of Big Five with its rich history, and look forward to growing with this brand,” she noted.

The conclusion of this transaction has drawn considerable interest and praise from many – including Nolo Masite, Lead Transaction Advisor from Greenswan, a boutique BEE and empowerment corporate advisory firm specialising in the Agriculture, FMCG, Infrastructure and Energy sectors.

Commenting on the deal, Mr. Masite said: “This transaction is an incredible landmark in the duty-free industry and one that will surely increase shareholder value”.

Speaking on behalf of Big Five, Chris Harilaou remarked that the transaction demonstrates their dedication to meaningful transformation and aligns with Airports Company South Africa’s (ACSA) transformation aspirations by increasing diversity in the organisation.

The post Women-owned investment company acquires 28% stake in Big Five Duty Free appeared first on The Business & Financial Times.

Read Full Story