Thebe Divisions

Thebe’s investment portfolio is made up of the two operating divisions of Energy & Resources and Services, whilst our Transformation & Community Development Division ensures that our founding mandate is lived up to for each of our investments and communities. Each division has its own dedicated and specialist management structures that can further rely on Thebe’s centralised group services for support. The operating divisions hold both subsidiary and associate investments across their focused business units and industry sectors, allowing for both breadth and depth in their portfolios. The portfolios are further balanced by ‘operating investments’ and ‘passive investments’ thereby ensuring both active growth (where Thebe can play a value-adding role to management) and annuity income flows where Thebe is more passive.

Thebe Energy & Resources

Thebe Energy & Resources takes advantage of the fact that significant resource and energy infrastructure development has to still take place within Africa.

Thebe Services

Thebe Services started as a division with interests in fast growth oriented companies and an ability to generate cash to fund operations and deliver up-stream cash returns.


Within Thebe, transformation is the reason for the company’s existence. Hence, in the early years, the Batho Batho Trust owned 100% of the equity of the company.

Thebe Way = Formula (Click on image to enlarge).

Today, we are proudly considered to be South Africa’s most respected and established Black Owned African Investment Company. The cornerstone of the Thebe philosophy remains “Building Communities. Our Bottom Line”, realised through driving empowerment and transformation to redress the historical economic imbalances in our society. Remaining fully committed to a democratic and non-racial society, Thebe recognises that the only constructive way to address the past disenfranchisement of the African people is through balancing commercial and transformational imperatives. Commercially, we actively promote mutually beneficial economic partnerships – developing and investing in businesses for long-term value creation and sustainability –

 through the origination, execution, active partnership and management of our investments. Thebe is also an entrepreneurial African company, having founded and developed many successful greenfield businesses. In our first year of operation (1992) we acquired 3 companies and founded SA Express Airlines, South Africa’s first low-cost airline, later sold at a significant profit. This activity was all started with an initial grant of R100,000. Whilst were main entrepreneurial Thebe has also developed a robust corporate governance framework with centralised group services adding value to both emerging and established portfolio businesses.

“Thebe’s business is to do business successfully and in so doing, provide a structured framework to ‘Lift as we rise’ and to promote black economic performance to a level that is internationally competitive.” – Mr Vusi Khanyile