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New Africa Investments Limited

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New Africa Investments Limited (Nail) was a South African investment company known as a major player in early black economic empowerment.

History

The company originated in 1993 in what is often identified as the first informal black economic empowerment (BEE) transaction, the sale by Sanlam of Metropolitan Life shares to a black-owned company initially called Metlife Investment Holdings (Methold). In August 1994, Methold listed on the Johannesburg Stock Exchange as New Africa Investments Limited (Nail). Nthato Motlana's Corporate Africa owned 51 per cent of the company, and Motlana became chairman. In 1999 Motlana was forced out and Nail's ownership structure was reformed.

Notable directors

References

  1. ^ Verhoef, Grietjie (2018-10-25), "Searching the soul: Wither Sanlam? Powerful conglomerate to 1997", The Power of Your Life, Oxford University Press, pp. 154–210, doi:10.1093/oso/9780198817758.003.0004, ISBN 978-0-19-881775-8.
  2. Keller, Bill (1993-06-17). "Cracks in South Africa's White Monopolies". The New York Times. Archived from the original on 2024-04-22. Retrieved 2024-12-24.
  3. Magliolo, Jacque (1994-09-02). "Nailing Down a New Company". The Mail & Guardian. Retrieved 2024-12-24.
  4. McNeil, Donald G. (6 August 1999). "South Africa Blacks Lose Control of Black Empowerment Company". The New York Times. Retrieved 24 December 2024.
  5. Tom, Rymore (2002). "The tale of Nail". Helen Suzman Foundation. Retrieved 2024-12-24.
  6. Daley, Suzanne (7 May 1999). "Stock Plan Roils South Africa Company". The New York Times. Retrieved 24 December 2024.
  7. Block, Donna (1999-04-30). "Hammer to fall on top Nail executives". The Mail & Guardian. Retrieved 2024-12-24.
  8. Daley, Suzanne (14 April 1996). "Key Mandela Aide to Join Group Promoting Investment by Blacks". The New York Times. Retrieved 24 December 2024.
  9. McGreal, Chris (1999-04-22). "Black heroes sell out to capitalism". The Guardian. ISSN 0261-3077. Retrieved 2024-12-24.

External links

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