New Africa Investments Limited
{{Short description|South African company}}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).{{Citation |last=Verhoef |first=Grietjie |title=Searching the soul: Wither Sanlam? Powerful conglomerate to 1997 |date=2018-10-25 |work=The Power of Your Life |pages=154–210 |url=https://academic.oup.com/book/12669/chapter/162656359 |edition= |publisher=Oxford University Press |language=en |doi=10.1093/oso/9780198817758.003.0004 |isbn=978-0-19-881775-8}}.{{Cite news |last=Keller |first=Bill |date=1993-06-17 |title=Cracks in South Africa's White Monopolies |url=http://www.nytimes.com/1993/06/17/business/cracks-in-south-africa-s-white-monopolies.html |archive-url=http://web.archive.org/web/20240422140215/https://www.nytimes.com/1993/06/17/business/cracks-in-south-africa-s-white-monopolies.html |archive-date=2024-04-22 |access-date=2024-12-24 |work=The New York Times |language=en}} 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.{{Cite web |last=Magliolo |first=Jacque |date=1994-09-02 |title=Nailing Down a New Company |url=https://mg.co.za/article/1994-09-02-nailing-down-a-new-company/ |access-date=2024-12-24 |website=The Mail & Guardian |language=en-ZA}} In 1999 Motlana was forced out and Nail's ownership structure was reformed.{{Cite news |last=McNeil |first=Donald G. |date=6 August 1999 |title=South Africa Blacks Lose Control of Black Empowerment Company |url=https://www.nytimes.com/1999/08/06/business/south-africa-blacks-lose-control-of-black-empowerment-company.html |access-date=24 December 2024 |work=The New York Times}}
Notable directors
- Saki Macozoma{{Cite web |last=Tom |first=Rymore |date=2002 |title=The tale of Nail |url=https://hsf.org.za/publications/focus/issue-27-third-quarter-2002/the-tale-of-nail |access-date=2024-12-24 |website=Helen Suzman Foundation |language=en-us}}
- Dikgang Moseneke{{Cite news |last=Daley |first=Suzanne |date=7 May 1999 |title=Stock Plan Roils South Africa Company |url=https://www.nytimes.com/1999/05/07/business/international-business-stock-plan-roils-south-africa-company.html |access-date=24 December 2024 |work=The New York Times}}
- Nthato Motlana{{Cite web |last=Block |first=Donna |date=1999-04-30 |title=Hammer to fall on top Nail executives |url=https://mg.co.za/article/1999-04-30-hammer-to-fall-on-top-nail-executives/ |access-date=2024-12-24 |website=The Mail & Guardian |language=en-ZA}}
- Cyril Ramaphosa{{Cite news |last=Daley |first=Suzanne |date=14 April 1996 |title=Key Mandela Aide to Join Group Promoting Investment by Blacks |url=https://www.nytimes.com/1996/04/14/world/key-mandela-aide-to-join-group-promoting-investment-by-blacks.html |access-date=24 December 2024 |work=The New York Times}}
- Zwelakhe Sisulu{{Cite news |last=McGreal |first=Chris |date=1999-04-22 |title=Black heroes sell out to capitalism |url=https://www.theguardian.com/world/1999/apr/22/chrismcgreal |access-date=2024-12-24 |work=The Guardian |language=en-GB |issn=0261-3077}}
References
{{Reflist}}
External links
- [https://web.archive.org/web/sitemap/nail.co.za Former website]
Category:Black economic empowerment