Experian, the global information solutions company, has announced it has concluded a broad-based empowerment transaction with Mowana Investments. The sale, which constitutes 25.1% of Experian`s consolidated South African business, is a significant demonstration of the global company`s commitment to SA and transformation.
Experian is a leader in providing information solutions to organisations and consumers. It combines the power of its comprehensive credit history database, scoring expertise and sophisticated software to deliver a truly holistic solution to the South African credit industry. As South Africa`s foremost consumer credit bureau, Experian is committed to helping consumers to understand, manage and protect their personal credit information.
Nigel Fine, member of the Experian Global Board, said: "South Africa is an important market for Experian and we believe that by implementing a strategy that recognises local market conditions, we have taken the correct approach to meeting the broad-based black economic empowerment requirements appropriate to SA.
"By concluding this deal, Experian further improves the value it can provide to clients, consumers, staff and shareholders while gaining a partner that can add value to the Experian business. Measured against the stipulated codes, Experian South Africa is now the most empowered company in its sector, which is further indication of our intent to remain a preferred supplier to the credit market for the long term."
The partnership improves black representation at equity level to 25.1% and effects a 50% executive board member composition of previously disadvantaged individuals (PDIs).
Nkenke Kekana, director, Mowana Investments, said: "Mowana Investments will be a strategic and active partner in the development of Experian`s South African business. Mowana`s acquisition of a stake in Experian represents its first significant foray into the financial services market. Having a committed multinational business as a partner will assist in the development and pursuit of related market opportunities."
Among Mowana Investments principals are Bridgman Sithole, Benjamin Mophatlane, Joseph Fizelle, Isaac Mophatlane and Nkenke Kekana.
The partnership with Mowana Investments further emphasises Experian`s overall commitment to BEE, which has included a long-term focus on staff and people development. Experian`s consistent focus on highly competitive remuneration and excellent benefits has attracted a highly skilled and diverse workforce.
Mike Reilly, CEO of Experian, SA said: "Experian has exhibited a long-standing commitment to all areas of empowerment including staff recruitment, remuneration and development. Through our further focus on Experian learnerships and consumer education we are committed to supporting both internal and external stakeholders. Experian`s BEE strategy has always been based on more than just addressing black ownership."
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