Africa

South Africa: Thebe Tourism Group Acquisition a Step in Right Direction, Minister Says

Tourism Minister Mmamoloko Kubayi-Ngubane has congratulated the newly appointed CEO of Thebe Tourism Group (TTG), Jerry Mabena and wished him success in their new venture.

Mabena and his team successfully concluded a deal in which they acquired TTG assets in partnership with Future Growth Asset Management.

TTG has a significant portfolio in tourism and related industries ranging from destination attractions, inbound and outbound tour operations, car rental, business tourism and foreign exchange.

“This is an exciting development which must be commended particularly in the current difficult COVID-19 period when our sector is undergoing difficulties. This acquisition bodes well for the transformation of the tourism sector at an ownership level and for the creation of a growing inclusive economy,” the Minister said.

She wished them the best and expressed support for their endeavour to propel the industry to greater heights as the industry embarks on the rocky road to tourism recovery and ultimately growth.

As the oldest black-empowered tourism group, the department said, TTG continues to demonstrate its commitment to the transformation of our sector and the economy in general.

TTG is a 100%-owned subsidiary of Thebe Investment Corporation, one of South Africa’s leading investment with stakes in tourism, mining resources, infrastructure, renewable energy, petrochemicals, telecommunications, financial services, and healthcare.

Formed in 2001, TTG is the oldest black-empowered South African tourism group and has a significant portfolio in tourism.

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