The Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF), has acquired a significant shareholding in CG & Zinyana Africa Holdings (CGZAH).

CGZAH is the parent of three companies specialising in industrial maintenance, turnarounds and construction. These companies are Prommac, a multidisciplinary mechanical and project management and execution services company; Kumunyack, an electrical and instrumentation construction and support service company; and New Age Engineering Solutions, a multidisciplinary welding engineering and execution service company.

Following this investment, the PIC holds 49% of CGZAH, with the rest held by CG Africa Holdings and other shareholders.

This strategic investment marks an important step in strengthening South Africa’s industrial capability and supporting long-term economic growth, the PIC says in a statement.

The investment is expected to support continued investment in capability, technology and skills, while deepening capacity to deliver complex projects and enhancing responsiveness across operations.

Backed by the GEPF and the PIC as long-term partners, CGZAH is said to be well-positioned to contribute more meaningfully to national development priorities, including job creation, sustainable economic growth, supply chain inclusion and the development of critical infrastructure and industrial sectors.

“This investment is aligned with our mandate to deliver sustainable, long-term returns for our clients while supporting South Africa’s broader economic development objectives. CGZAH has demonstrated strong operational capability, a solid track record, and a clear commitment to growth and transformation.

“We believe this partnership will contribute meaningfully to industrial development, job creation, and value creation across key sectors of the economy, while supporting the company’s continued expansion and resilience,” says PIC acting CIO August van Heerden.

“This partnership represents an important step in enhancing our contribution to South Africa’s economic growth. The investment is a vote of confidence by Africa’s largest fund manager in the CGZAH team and positions us to scale responsibly by investing further in capability and skills that will deliver long-term value creation within the markets we serve,” says CG group chairperson Niall Carroll.

“Partnering with the GEPF and the PIC advances our ability to invest in skills, technology and operational capacity, while remaining grounded in the values and standards that define how we deliver. It is a step forward in supporting both our growth ambitions and our commitment to South Africa,” says New Age Engineering Solutions founder and CGZAH chairperson Joseph Zinyana.