Averda to work with Wasteman Holdings
The FM provider acquires majority stake of Wasteman Holdings, a waste management company based in South Africa.
Lebanon-based waste management company Averda has announced that it has acquired a majority stake in one of South Africa’s largest waste management groups, Wasteman Holdings.
The agreement with the 35-year old company holds numerous advantages for Averda, which seeks to expand its international operations and its presence in Africa.
The collaboration with Wasteman will include a number of initiatives focused on city cleaning projects, waste disposal and recycling. Both companies will also work on developing new waste management programmes.
Commenting on the company’s expansion, Maysarah Sukkar, chairman of Averda, said: “In line with our global growth ambitions, the acquisition of Wasteman significantly enhances Averda's position in Africa to provide specialized solutions for waste management.”
He added: “We are excited about the opportunity ahead and look forward to bringing our vast international experience from city cleaning to waste recovery and disposal to Wasteman's operations."
Similarly, Jan Labuschagne, CEO of Wasteman Holdings shared: “Wasteman group will reap immense benefit from the entry of Averda into the South African market. In addition to the injection of foreign direct investment, Averda will contribute a wealth of waste industry expertise and technology.”