Velocity Films enters BEE partnership

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Velocity Films has entered into a BEE deal with Mamawood (Pty) Ltd, a company co owned by Oyama Mabandla, the Executive Chairman of corporate investment company the Langa Group and Vodacom, and Mrs Nthopele Mabandla. Mamawood (Pty) Ltd now owns a 26% equity stake in Tenacity Films (Pty) Ltd, which Trades as both Velocity Films and Freshwater Films. The company has been rated by Empowerdex and gives the Company a rating of 106% of the maximum ownership score.

According to Barry Munchick, Proprietor of Velocity Films “We have searched for three years to find like minded partners to take Tenacity and its companies to the next level. Not only does Oyama and his group share our feeling about quality and excellence, but he loves jazz as much as I do.’ Whilst Executive Producer Peter Carr adds, “This is a proud moment in our history.

Not only do we now have a partner with a genuine interest in our core business, but we have taken a giant leap forwards in our transformation efforts in line with our industry demands. We remain committed to all levels of skills training and mentoring of previously disadvantaged individuals, within the ranks of our company and the industry as a whole.’

Oyama Mabandla is Chairman of Vodacom and executive chairman of the Langa Group, a corporate investment company. He is the former deputy chief executive officer of South African Airways, where he also served as General Counsel and executive vice president for Strategy, Revenue Management and Network Planning.

During the late 90’s Oyama Mabandla was a merchant banker at UBS and worked in London and Johannesburg. He later joined the Johannesburg Bar and holds a Bachelor of Arts degree in Political Science from the University of California and a Juris Doctorate in corporate law from Columbia University in New York.

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