The mining town has been growing at a rapid pace of late as a result of increased economic activity.
Investment guru Zamani Letjane’s company has been selected as the one that will bring the much-talked-about R350 million hotel and conference centre to the town of Middleburg.
His Akani Properties will come in as a developer and an owner of the property while an international company will manage it.
It will comprise of 150 rooms and 1 000 capacity conference centre.
The Steve Tshwete local municipality said the project is one of the many they are bringing to inject capital and create jobs in the area as the mining town’s economic activities continue to grow.
Letjane said an international hotel operator who will run the hotel on his company’s behalf is skilled in the field and will give it the appropriate market.
He said Middleburg’s fast growing economy “matches our investment strategy and criteria”.
“We believe this investment will offer our investors sustainable returns in the long term, while also making lasting socio-economic contributions,” said the businessman.
He said 20% of the R350 million is loaned and the 80% comes from shareholders.
The 61-year-old Letjane’s Akani Retirement Fund Administrators manages R6 billion of retirement funds belonging to 21 000 chemical workers in South Africa.
He won a court battle in August 2020 against NBC Holdings over the latter’s continuity to manage the Chemical Industries National Provident Fund.
In December 2019, trustees of the chemical workers’ Fund fired NBC Holdings after 21-years and appointed Letjane’s Akani to run the workers funds.
Letjane himself boasts 21 years in the field of investing and managing money.
(edited by ZK)
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