African Billionaire Dr. Mandla Lamba has ventured into the education industry after an investment vehicle he controls channeled R25 million interest free loan to an education firm, Pembury Lifestyle Group.
The Billionaire who is the founder of Agilitee has added education in his portfolio of investments.
Announcing the move on Wednesday morning, Pembury Lifestyle Group a Johannesburg Stock Exchange(JSE) listed education entity said it has signed a R25 million convertible loan with Verityhurst, a Private Equity firm that was founded by Lamba in 2007 .
Verityhurst invests in JSE listed 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 previously provided interest free loans amounting to R3.4 million. Now Lamba through Verityhurst is providing yet another R25 million interest free loan.
Lamba on his LinkedIn account recounted how he first met the company and Verityhurst moved 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 some reputational damage in the past, but with the involvement of Lamba the fortunes of the company is set to change for the better.
The Africa’ second richest man has a midas touch that turns local companies to top notch 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