Rikus Grobler | Oct 18, 2017 | 0
From Hertz Ondangwa to shareholder
Well-known South African car rental company, Hertz has divested 30% of its shareholding in Hertz Namibia to former Nampower MD, Dr Leake Hangala’s investment group.
Hertz is one of southern Africa’s oldest car rental companies. It is a division of Unitrans Automotive and member of the JD Group. It announced earlier this week it has reached an arrangement whereby Hangala Group, a diversified Namibian investment company, will acquire a 30% of the issued shares of Hertz Namibia through its wholly-owned subsidiary, Hangala Motors (Pty) Ltd.
Rationalising the deal, Hertz CEO, Wils Raubenheimer said “ Our aim is to grow and expand our activities in Namibia.” Hertz Namibia until now, has been a wholly-owned subsidiary of Hertz South Africa. Hangala Group has interests in financial services, construction, property development, vehicles, resources and agribusiness. “We are happy to consolidate our relationship with Hangala Group, with whom we have had a long relationship dating from 2010 when they acquired a Hertz agency in Ondangwa, in the north of Namibia,” said Raubenheimer. “Our line-up ranges from economical runabouts to luxurious sedans and air-conditioned microbuses to rugged 4×4. “We pride ourselves on being well-positioned to provide solutions for every renter’s needs – from one day to monthly or more – whatever they might require in locations throughout South Africa and Namibia” he said. In addition to conventional car rental services, such as self- and planned chauffeur drive, deliveries and collections and one-way rentals, Hertz also offers baby seats for younger travellers, for example. “Our aim is to serve our customers and contribute to the economic growth of the country. As one of the largest car rental companies in the world, Hertz is well positioned to achieve these aims in Namibia and provide our tourists, corporate and government customers, the best service ordinarily associated with our brand,” he added. In terms of the agreement, Hangala Group will appoint two members to the board of directors of Hertz Namibia and Hangala, executive chairman of Hangala Group, will become the non-executive chairman of the board. “Tourism is a strategic growth point for the Namibian economy in addition to being a major employer and Company, Hangala Group, is pleased to be expanding in this sector, in particular as a partner to a global brand such as Hertz,” said Dr Hangala.