Africa’s second richest man ventures into car rental - UG Standard - Latest News
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Africa’s second richest man ventures into car rental

Chairman of Agilitee (Global), Prof JJ Tabane

Dr. Mandla Lamba the CEO of Agilitee (PHOTO /Courtesy)

Founder and CEO of Agilitee, the world’s first black owned Electric Vehicles Manufacturer and AI & Green Tech Company has added another feather on top of so many titles he already holds.

The God fearing billionaire who is the second richest man in Africa and the first richest man in South Africa has officially ventured into the car rental industry through his newly formed start-up called Greengr8 Car Rental which is also the first full electric car rental company in Africa.

This is one of the wisest moves by the billionaire, through Agilitee he manufacturers and sells electric vehicles and through Greengr8 he will be renting out the same vehicles he manufactures.

Talking to this publication he emphasized the role Africans should play to claim back Africa for themselves.

“Here we are right at the intersection of what used to be and what will be yet we still want to rely on what used to be. All the cars rented in Africa’s car rental system since the formation of the industry are all foreign Manufacturers and no local participation because in what used to be there were no African Manufacturers yet in what will be we already have the likes of Agilitee leading the charge,” Lamba said.

“It is time Africans rent cars that are made by Africans as this helps in solving African problems. Today you take a flight and visit your village and rent a car in a nearby city. You are compelled to rent a pick up because the roads are bad no matter how much you don’t like pickups. Greengr8 will flood the car rental Industry with cars that meet the requirements of even villagers. Behold, God is doing a new thing in Africa”.

Greengr8 is headquartered in Johannesburg and will start serving the rental market on the 1st of November 2022, as the company intends to catch up with the festive traffic.

Lamba is obsessed with empowering the previously disadvantaged and he did something he has never done with Greengr8, by giving 25% ownership of the company to almost 46 people who have licensed to run the car rental opportunity in each province in South Africa and these people will learn for the first from this article that they are now shareholders.

The Billionaire has started giving away shares worth $2 billion from his company Agilitee. So far he has given away $280 million worth shares.

The company recently received an approval by the Johannesburg Stock Exchange (JSE) to be converted from being a privately held company to a public company.

This is part of the process of the of Agilitee’s Initial Public Offering (IPO) on the JSE and it marks the beginning of a new chapter for Agilitee now that it officially becoming a public company.

Agilitee is advised by JSE approved sponsors, Acaciacap Advisors.

With this IPO, Agilitee is also seeking to raise a total of $2 billion in equity capital by selling 10% of the business to new investors, this capital raising will commence as soon as the prospectus is completed by Acaciacap Advisors.

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