NATIONWIDE Airlines and black investment group, African General Equity Group (AGE), have jointly announced the signing of a MOU for AGE to acquire a 51% shareholding in the Nationwide group of companies.
Reggie Naidoo, AGE’s ceo, and Vernon Bricknell, ceo of Nationwide, jointly
announced the deal this morning. Bricknell said the agreement was the culmination of almost two years of negotiations.
In a letter to Nationwide staff, Bricknell hastened to assure employees on the security of their jobs. “Although new structures and improvements may be implemented, the jobs of all employees remain secure,” he said.
“This will bring many new resources to the table – including amongst others,
the recapitalisation of the company. In the upcoming weeks we will be planning the way forward, in a participative manner with all stakeholders. We will openly discuss plans for fleet renewal, employee shareholding options, improvement of services, current resources and reporting structures, and opportunities for
improvement,” he said.
The AGE Group is described as a social investment company headed up by Professor Wiseman Nkuhlu, (believed to be one of President Mbeki’s economic advisors) and Max Sisulu.
