The rationale and reason for the change of name is to better reflect the underlying businesses and investments of the group going forward and to differentiate from the private holding company.
"While we may have undergone a change of name, AEEI will continue to uphold the values, philosophy and value add set by the group as well as by growing the organisation and the stakeholder and shareholder value. As a leading B-BBEE success story operating in South Africa, AEEI is at the forefront of transformation and is one of the largest listed black economic empowerment companies in the country," Khalid Abdulla, group chief executive officer of AEEI, said.
The focus and commitment of this business remains growing our businesses on a sustainable basis and empowering people for the long term to benefit the South African economy as a whole.
The name change underpins this ethos and better describes the company's founding business objectives. It also gives the company the freedom to be able to further develop its own identity and operate as an independent entity with a view to expanding its current ambit. "I am confident that this business will grow. Under the current executive leadership team, AEEI has a team of people who are hungry to rise to any challenge set for them. The board of directors, together with the executives who lead the various subsidiary units, are determined to set and reach these goals," Abdulla said.
Supporting the name change and the executives who will lead the organisation forward, the subsidiaries in the group have all endorsed the progression. "The change of name has already had a positive influence on our organisation. Under the leadership of Abdulla, there is a fresh level of energy, perspective and future focus which most certainly will be leading to growth and more business opportunities. The operating word for AEEI is therefore Empowerment for all stakeholders," commented non-executive chairman, Professor Vukile Mehana.
Abdulla alluded to both organic and acquisitive growth for the group, and has set his sights on the group's expansion within South Africa as well as into Africa over the next few years. "We have attracted and built a strong portfolio of sustainable businesses and structures to meet and support the bullish growth targets we have set for ourselves in all our preferred sectors. We are also very mindful of our commitment to the creation and retention of jobs for the current communities in which we operate and to help build the nation."
