en.Wedoany.com Reported - The Public Investment Corporation (PIC), on behalf of the Government Employees Pension Fund (GEPF), has acquired a significant stake in CG & Zinyana Africa Holdings (CGZAH).
CGZAH is the parent company of three firms specializing in industrial maintenance, shutdown services, and construction services, including Prommac, a multidisciplinary mechanical and project management and execution services company; Kumunyack, an electrical instrumentation and construction support services company; and New Age Engineering Solutions, a multidisciplinary welding engineering and execution services company.
Following the completion of this transaction, PIC holds a 49% stake in CGZAH, with the remaining shares held by CG Africa Holdings and other shareholders.
In a statement, PIC noted that this strategic investment is a significant move to strengthen South Africa's industrial capabilities and support long-term economic growth.
The investment is expected to drive sustained investment in capacity, technology, and skills, while deepening the ability to deliver complex projects and enhancing overall operational responsiveness.
With the support of GEPF and PIC as long-term partners, CGZAH is believed to be better positioned to contribute to national development priorities, including job creation, sustainable economic growth, enhancing supply chain inclusivity, and advancing key infrastructure and industrial sectors.
August van Heerden, Acting Chief Investment Officer at PIC, said: "This investment aligns with our mission to support South Africa's broader economic development goals while delivering sustainable long-term returns. CGZAH has demonstrated strong operational capabilities, a solid track record, and a clear commitment to growth and transformation."
"We believe this partnership will contribute to industrial development, job creation, and value creation in key economic sectors, while supporting the company's continued expansion and enhanced resilience," he added.
Niall Carroll, Chairman of CG Group, said: "This collaboration is a significant step in enhancing our contribution to South Africa's economic growth. This investment is a vote of confidence from Africa's largest fund manager in the CGZAH team, enabling us to scale responsibly by further investing in capacity and skills, thereby creating long-term value in the markets we serve."
Joseph Zinyana, Founder of New Age Engineering Solutions and Chairman of CGZAH, noted: "Partnering with GEPF and PIC strengthens our ability to invest in skills, technology, and operational capacity, while maintaining the values and standards that define our delivery approach. This is a progressive step supporting our growth ambitions and commitment to South Africa."
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