Montfort Group has acquired 49% of New Age Energy, a broad-based black empowerment (B-BBEE) company that focuses on the reliable import, export, and distribution of safe and high-quality energy products, to mark its entry into the South African energy market
Montfort will introduce its brand, products and services to the market to help meet the energy needs of South Africa. (Image source: Adobe Stock)
After opening its first office in the country in 2022, the confirmation of this new partnership has been highlighted as a key step towards realising the company’s goal of strengthening and expanding its supply capabilities in the South African energy market. The company will introduce its brand, products, and services to the market, in order to help meet the future energy needs of the growing South African economy.
Rashad Kussad, CEO of Montfort Group, said, “We are delighted to partner with New Age Energy, and expand our presence to the South African energy markets. Our B-BBEE partners possess a significant amount of market knowledge and expertise which, combined with our trading capabilities and financial support, will enable us to enhance product and service offerings to our valued customers. We firmly believe in the continuing growth of the South African economy and look forward to playing our part in supporting the growing energy demands of the market.”
Esrick Bull, managing director of New Age, added, “Today marks a significant milestone in the history of our company. We are excited to form this strategic alliance with a global energy company such as Montfort. Their expertise in supply and trading, together with their commitment to invest in the logistics and supply chain in South Africa, will enable us to have a strong presence in the market, and further strengthen our capabilities to supply the best fuels at the maximum value.”