In a significant development, G4S has divested its South African cash-in-transit (CIT) business to Izi Africa, a company helmed by Albert Erasmus, a former G4S director. The acquisition, greenlit by the Competition Commission, is expected to have minimal impact on market competition.
Izi Africa, a subsidiary of Amajuba Management Solutions, operates Izi Cash in major metropolitan areas, including Johannesburg and Cape Town. This strategic acquisition bolsters Izi Africa's presence in the CIT sector.
To ensure a seamless transition, the acquisition includes provisions to safeguard employment and promote economic empowerment:
- Job security: A two-year moratorium on job losses to protect the livelihoods of existing employees.
- Broad-based ownership: A commitment to increase ownership among historically disadvantaged individuals, aligning with South Africa's transformation objectives.
While exiting the CIT business, G4S will maintain its presence in South Africa through its security services division, ensuring continuity for clients and stakeholders.
This development marks a significant shift in the South African CIT landscape, with Izi Africa poised to expand its operations.
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