Johannesburg, 14 Nov 2007
SMEI Projects was tonight (Wednesday) named the first winner of Go4Growth, South Africa's richest business competition with prizes worth a total of more than R14 million.
The first prize covers all costs associated with a listing on the JSE's AltX exchange, business advisory services, business software from SAP valued at R1 million, and all designated advisory fees from Xchange Sponsors for the first year after listing.
The Boksburg-based construction firm was judged the most growth-oriented SME from a shortlist of 10 finalists, drawn from 206 entries to the Go4Growth competition.
The 206 Go4Growth entries came from companies with annual turnover ranging from start-up to R500 million. The entry list included firms from more than 20 different industry sectors, including IT, engineering, transport, industrial, retail and medical, as well as companies of all sizes ranging from one employee right through to companies with 500-plus people.
SMEI Projects is a construction company working in the structural, mechanical, electrical and instrumentation fields. Its main sources of business are the mining and heavy industrial sectors. Clients of SMEI Projects include blue chip companies such as Anglo Platinum, De Beers, De Beers Marine and all of the EPCM contractors in South Africa. Total staff complement is 650 people.
The company's growth record over the past four years clearly impressed the judges, with revenue growth exceeding 100% per annum for each year of the period.
Sandy Pratt, managing director of SMEI Projects, received the award from JSE CEO Russell Loubser and SAP South Africa managing director Claas Kuehnemann at a function at the exchange last night.
The Go4Growth competition was aimed at identifying South Africa's most growth-oriented SME and at encouraging companies to look to the AltX as a means of raising capital to grow.
Four partners supported Go4Growth: business software leader SAP, the JSE's AltX exchange, official AltX sponsors Xchange Sponsors and business growth advisors, SAP BusinessEdge.
Pratt said he was ecstatic and overwhelmed that the company had won through in a field of top-performing competitors.
"We've built a very successful business in the construction sector, and it's fantastic to be acknowledged in this way. Most importantly for us, though, is that we know we can do even better. Winning Go4Growth is a wonderful way to fast-track our ambitions to list on the AltX," he said.
The company will now be guided by Xchange Sponsors through the process of meeting the AltX's listing requirements.
Speaking at the awards event, Loubser said the growth of AltX over the past year was nothing short of phenomenal. "So, it's great to have another quality company lined up for a listing on AltX. SMEI Projects will be joining 72 other quality SMEs listed on AltX once they meet the listing requirements. Like the other companies on AltX, SMEI Projects will be able to raise capital for future expansion and growth.
"Go4Growth has been invaluable from the JSE's point of view because it has highlighted for a very broad range of businesses that AltX is indeed an obtainable and very viable option for them to raise growth capital," said Loubser.
Kuehnemann said the Go4Growth competition had been about much more than identifying and rewarding a winner. "This competition has also been about highlighting the fact that South Africa has an exceptionally strong core of SMEs that have the ambition and commitment to drive their organisations onto a different plane.
"For us at SAP, the SME sector is central to our global objective to triple our customer base by 2010. Go4Growth brings us face-to-face with this potential market which shares our growth ambitions."
Says Derek Kudsee, director of SME for SAP in Africa: "By working alongside SMEs with our channel partners, we are able to give them exposure to the way best-run businesses in their own industries operate. We do more than provide software, we provide support to SMEs in building themselves as best-run companies, and we are therefore part of their growth. We've been privileged to be part of Go4Growth and we congratulate SMEI Projects on becoming the first winner of this competition," said Kudsee.
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