Trade and Industry Deputy Minister Bulelani Mangwanishe will this week launch a R50 million Black Industrialists firm in Gauteng.
Maneli Pets food was approved for grant funding of R12.5 million from the Department of Trade and Industry’s Black Industrialist Scheme (BIS).
The Deputy Minister will address the launch on Friday.
The company, which is located in Edenvale, obtained funding of R26.6 million from the Industrial Development Corporation, and the owners have made an equity contribution of R8 million to the project.
Maneli Pets is a new company that started operating in June 2017. The company is a specialist manufacturer of premium quality foods and treats for the global pet market.
The company has so far created 42 job opportunities since commencing production with the intention of creating 80 direct jobs during the next five years.
The dti has approved funding for 25 Black Industrialists projects in Gauteng, projecting to inject R2.2 billion in the province’s economy with over 2600 direct jobs to be created. These investments cut across the productive sectors of the economy, such as metals and pharmaceuticals, said Deputy Minister Magwanishe.
The company aims to become one of the best pet food makers globally. It is a niche manufacturer in the agro-processing value chain, targeting production of premium quality foods and treats for the global pet market. The company manufactures high protein pet foods, with raw materials sourced locally from Limpopo, Northern Cape and the Eastern Cape.
The BIS is an incentive of the Black Industrialists Programme that aims to unlock the potential within black industrialists operating in South African economy through deliberate, targeted and well-defined financial and non-financial interventions. � SAnews.gov.za
Source: South Africa Government News Agency