Lebashe Invests In Mara Phones South Africa

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Lebashe Invests In Mara Phones South Africa

Johannesburg, South Africa, 08 July 2022

We are excited to confirm that we have partnered with the management buyout (MBO) team of Mara Phones South Africa to revive and take the smart device manufacturer out of business rescue. The investment will see hundreds of jobs saved and the world-class manufacturing facility remaining in Durban, South Africa.

Mara Phones South Africa is a proudly South African tech-centric company and manufacturer of smartphone devices with a state-of-the art manufacturing plant located in the Dube Trade Port in Durban, just outside of the King Shaka International Airport, in KwaZulu Natal.

It was officially opened in 2019 with those present hoisting the company as South Africa’s best attempt at becoming a leader in the technology industry. Due to a number of reasons, it went into business rescue. After the MBO team negotiated with its creditors to take over the company and revive it, it approached Lebashe Investment Group to come on board as an investor and take up a significant stake in the business. Last week the management buyout team accepted an offer from Lebashe Investment Group to acquire 70% shareholding in the company. The buyout team, led by the company’s Managing Director Silvester Taku, will hold the remaining shares.

Tshepo Mahloele, chairman of Lebashe Investment Group, said the asset appealed to him not only because it manufactured and supplied smart devices, but because of its ability and potential to integrate technology and innovation to provide solutions and enable business growth for South Africa and other African emerging markets.

As we have shown with our investments in both Arena Holdings and EOH, we have the right team and strategy to turn around distressed companies. “We are looking forward to working with the local management team to introduce an urgent turnaround strategy to revive this sleeping giant. We are equally excited by this opportunity to invest in a project that will make a difference in an area that has been hard hit on every side. What excites us even more is the fact that our investment will save the much needed jobs in the province of KwaZulu Natal. The province has been ravaged by the natural disasters like the recent floods and a lot of people lost their jobs after last year’s riots in July. So, to be able to bring a smile to those Mara Phones South Africa employees, who have been sitting at home and slowly losing hope, brings joy to my heart,” said Mr Mahloele