Momotheka Trading is to acquire 40% of Spescom Telecommunications in the second black economic empowerment (BEE) deal JSE-listed parent Spescom has announced within a week.
The value of the deal has not been disclosed.
Momotheka Trading is owned by Lesedi Rakgokong, MD of telecommunications supplier Puisano Systems. He has been appointed to the Spescom Telecommunications board in a non-executive capacity.
"This deal is an example of what true BEE should be about," Rakgokong says. "All too often these initiatives merely bring empowerment credentials with little or no BEE contribution to a company's bottom line.
"In contrast, Puisano's ability to add value will be fully harnessed through management participation and the range of GSM products it brings to the Spescom Telecommunications stable."
Vernon Leas, MD of Spescom's South African operations, says the effort involved in BEE is often larger than originally perceived, but this deal brings immediate and measurable benefits for all concerned.
Last week Spescom announced that black-owned fund management company Vantage Capital had acquired a 25.4% stake of the listed entity for R20 million.
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