African Billionaire Dr. Mandla Lamba has entered the education industry. The Billionaire who is the Green and the Fourth Industrial Revolution Pioneer in Africa has added education in his portfolio of investments.
On a Sens announcement in the morning of the 9th of November 2022, Pembury Lifestyle Group a Johannesburg Stock Exchange listed education group announced that it has signed a R25 million convertible loan with Verityhurst, a Private Equity firm that was formed in 2007 by Lamba. Verityhurst invests in listed companies on the Johannesburg Stock Exchange and in America. The firm is chaired by Billionaire Businessman and politician Hon. Thembekile Mzantsi.
The JSE listed Education Group also stated on the announcement that Verityhurst had provided interest free loans to the company before to a total tune of R3.4 million. Now Lamba through Verityhurst is providing yet another R25 million interest free loan.
Sharing on his LinkedIn account Lamba recounted how he first met the company and Verityhurst had to save 200 teachers jobs and stopped the liquidation of the company by paying the creditors of the company during the Covid lockdown in 2020.
Verityhurst is a shareholder of Pembury and the company has suffered a lot of reputational damage in the past, but with Lamba involved it is pretty clear that the fortunes of the company are about to change for the better.
The Africa’ second richest man has a midas touch that turns local companies to global players. He gives interest free loans to companies that are listed on the Johannesburg Stock Exchange as he believes in purpose over profit, yet we are talking millions of dollars here but again he is the richest man in South Africa and for him this is a drop in the ocean.
It looks like Lamba is set on a revolution to truly transform Africa for the better. This is a developing story that we will continue to follow on
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