Mabena and his team have successfully closed a deal in which they acquired TTG assets in collaboration with Future Growth Asset Management.
TTG has a significant portfolio in tourism and related industries, ranging from destination attractions to inbound and outbound tour operations to rental cars, business tourism and foreign exchange.
“This is an exciting development that deserves praise especially in the current difficult period of COVID-19 in which our sector is in trouble. This acquisition bodes well for the owner-level transformation of the tourism sector and the creation of one growing inclusive economy, “said the minister.
She wished them all the best and expressed her support for their quest to take the industry to greater heights as the industry treads the rocky road to tourism recovery and ultimately growth.
As the oldest tourism group with black power, according to the department, TTG continues to show its commitment to transforming our sector and the economy in general.
TTG is a wholly-owned subsidiary of Thebe Investment Corporation, one of South Africa’s leading investments with interests in tourism, mining resources, infrastructure, renewable energy, petrochemicals, telecommunications, financial services and healthcare.
TTG was founded in 2001 and is the oldest South African tourism group with black power and has a significant portfolio in tourism.
(With contributions from the press release of the South African government)