Eastern Cape investment company, African Pioneer, has taken a 22 percent stake in another home-grown company, Caltex Eastern Cape Marketers.
The R15-million deal was announced today by African Pioneer's Stephen Dondolo and the CEO of Caltex Eastern Cape Marketers, Clive Berlyn.
Both companies have substantial business investments in the Eastern Cape and through the partnership aim to grow their businesses in this province.
Dondolo explains why African Pioneer decided to investment in the country's largest Caltex branded marketer.
"First of all its a branded product and it's based in the Eastern Cape. Secondly it has a very strong management structure and strong cash flow from the business. Lastly the culture of the business suits our liking." says Dondolo
Berlyn told Algoa FM News that the deal with African Pioneer is a good fit.
"We are in a situation where I believe our cultures are the same, we both are committed to growing the Eastern Cape, and making a difference in the province. We are going to go forward from here, we believe African Pioneer can add value, help in our growth pattern and plans for the next five years." says Berlyn
