Madeleine Wackernagel
The appointment of Graca Machel to the Thebe Investment Corporation’s (TIC) board should ensure it a first bite at Mozambique’s privatisation cherry.
Litha Nyhonyha, executive director of TIC and chief executive officer of its financial arm, Msele Financial Holdings, said the new appointments underline TIC’s intention to be a major player in the southern African region.
“Having people such as Machel and Stride Masiyiwa [chairman of Retrofit Holdings of Zimbabwe] on the board means we have a direct line to developments in those countries and are well placed to capitalise on new opportunities as they come up.
“In addition, original input from people in the know helps us to diversify in the right areas and maximise our growth potential,” he said.
An obvious first choice for Thebe is Mozambique’s airline, which is high up on the country’s privatisation list and offers the complementarity that Thebe seeks. Its South African Express offshoot already flies to Namibia and Livingstone in Zambia, primarily for the tourism market. With tourism seen as a potential growth area for Mozambique, the synergy could be substantial.
Thebe Properties is also looking beyond South Africa’s borders for possible investment openings, as is Thebe’s financial services division. Moves in Zimbabwe to relax controls on foreign investment are to be welcomed, says Nyhonyha, and should help the company to unlock growth potential.
Plans for Angola are still very much at the drawing-board stage, but options are being studied in trading, possibly in primary commodities.