Akhona Group to acquire a 27.5% stake in the logistics business of Bidvest Group from Bidfreight.

Akhona Group, a black-women owned and managed investment firm, agreed to acquire a 27.5% stake in the logistics business of Bidvest Group, an international investment holding, from Bidfreight, a port operations provider. Financial terms were not disclosed. “The deal forms part of our strategy to invest in sectors like logistics that form the backbone of our economy and backing management teams with the ability to weather economic cycles. With some of the current logistics challenges in South Africa, we have seen a decline in revenues from major sectors like mining that rely on logistics to move their product from pit to port – emphasizing how important investing in the sector is,” Noluthando Gosa, Akhona Director.