Global networking solutions company Huawei Technologies has sold off 30% of its African operations to black economic empowerment (BEE) consortium Nulane Investments.
Although no figures have been publicised, Huawei Technologies president Kevin Tao said the consortium now holds a major stake in a company that boasts R20 million working capital.
He did, however, reveal that the transaction was a cash one.
The deal, coupled with Huawei`s reputation, should put the networking company in a better competitive position in the local market, says Nulane director Lester Peteni.
"Since we entered the sub-Saharan market, we have trained over 500 local people, these are our employees as well as those from our business partners. With the finalisation of this deal, we intend to train many more," Tao explains.
The company says it has had a continental presence since the year 2000 and has also established a significant presence in Nigeria, the DRC and Angola.
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