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An Eastern Cape company with its roots in Mthatha has invested more than R100m in Nelson Mandela Bay and surrounding areas to acquire 41 Caltex service stations.
Caltex Eastern Cape Marketer, founded by businessman Clive Berlyn and his late partner, Richard Ndungane, announced the R120m acquisition of 10 Caltex stations in East London and 31 in Nelson Mandela Bay, Kareedouw and Jeffreys Bay areas on Wednesday.
Berlyn says this will expand their footprint from mainly rural areas in the former Transkei to the Metropolitan areas of the Eastern Cape.
"The total investment here is an investment into the province of R120m. This allows us to buy the equipment, it allows us to buy the retail sites in both Nelson Mandela Bay and and surrounds as well as in East London," Berlyn said.
"Port Elizabeth has always been treated at a branch office now, in our book, it becomes a head office. The money we make here is going to be reinvested here. We are going to do up our sites, we are going to invest in new sites and new technology in our sites and grow the brand," he added.
The investment announcement was welcomed by the Nelson Mandela Bay Business Chamber. CEO, Kevin Hustler, said it was a sign that people have confidence in the Eastern Cape and that "domestic investors are seizing the opportunity" to invest.
