The NEF would invest the funds directly into black
economic-empowerment (BEE) consortium Mihle, which
owned 25% of the company's equity, it reported.
The deal, which was in line with the NEF's mandate of
fostering and supporting broad-based black
economic-empowerment (BBBEE). was one of a series of
recent investments aimed at rapidly increasing black
participation in strategic industries and enterprises,
it stated.
"The attraction for the NEF in supporting this black
empowered business arose out of especially the strategic
sector in which it resides, namely the space sector, and the
fact that it is supportive of the Department of Trade and
Industry's (DTI's) Space Programme, which is being
implemented as a result of the National Space Policy."
said NEF CFO Andrew Wright.
The DTI in March launched the National Space Policy,
which was aimed at enhancing the country's participation in
the global space arena. The policy would be administered by
the DTI. while the accompanying National Space Strategy would
be managed by the Department of Science and Technology.
"Further to this, in line with the specific mandate of the
NEF, SunSpace already has an active black empowerment
ownership and management element and the NEF funding
allowed an opportunity to structure a more efficient
capitalisation structure for the black shareholders and for the
company itself." he added.
Wright noted that the NEF's strategic aims included the
need to create new industrial capacity through its transactions.
"SunSpace is poised on receiving and delivering upon key
government contracts, adding to their existing specialist design,
technical and manufacturing capacity, plus SunSpace are
training and developing black aeronautical engineers, also
contributing to government's aim to develop skills and human
resources."
"Space technology is no longer the exclusive preserve of
the developed economies of the north. South Africa is taking
up its rightful place in this and other advanced technology
industries, and is proving to be an innovative and energetic
player. SunSpace. in particular, aspires to be a role model for
empowering and developing people from all backgrounds in the
fields of science and technology," added DTI chief director
Nonfuneko Majaja.
SunSpace was spun off by the University of Stellenbosch to
exploit the expertise developed in the design, assembly, and
operation of the university's own private-initiative satellite.
SunSat. which, in 1999. becamehe NEF would invest the funds directly into black
economic-empowerment (BEE) consortium Mihle, which
owned 25% of the company's equity, it reported.
The deal, which was in line with the NEF's mandate of
fostering and supporting broad-based black
economic-empowerment (BBBEE). was one of a series of
recent investments aimed at rapidly increasing black
participation in strategic industries and enterprises,
it stated.
"The attraction for the NEF in supporting this black
empowered business arose out of especially the strategic
sector in which it resides, namely the space sector, and the
fact that it is supportive of the Department of Trade and
Industry's (DTI's) Space Programme, which is being
implemented as a result of the National Space Policy."
said NEF CFO Andrew Wright.
The DTI in March launched the National Space Policy,
which was aimed at enhancing the country's participation in
the global space arena. The policy would be administered by
the DTI. while the accompanying National Space Strategy would
be managed by the Department of Science and Technology.
"Further to this, in line with the specific mandate of the
NEF, SunSpace already has an active black empowerment
ownership and management element and the NEF funding
allowed an opportunity to structure a more efficient
capitalisation structure for the black shareholders and for the
company itself." he added.
Wright noted that the NEF's strategic aims included the
need to create new industrial capacity through its transactions.
"SunSpace is poised on receiving and delivering upon key
government contracts, adding to their existing specialist design,
technical and manufacturing capacity, plus SunSpace are
training and developing black aeronautical engineers, also
contributing to government's aim to develop skills and human
resources."
"Space technology is no longer the exclusive preserve of
the developed economies of the north. South Africa is taking
up its rightful place in this and other advanced technology
industries, and is proving to be an innovative and energetic
player. SunSpace. in particular, aspires to be a role model for
empowering and developing people from all backgrounds in the
fields of science and technology," added DTI chief director
Nonfuneko Majaja.
SunSpace was spun off by the University of Stellenbosch to
exploit the expertise developed in the design, assembly, and
operation of the university's own private-initiative satellite.
SunSat. which, in 1999. became