Coinciding with Ken Modise taking up his role as CEO of RentWorks Africa this week, the company has announced that its partnership with black-owned investment company Millennium Consolidated Investments (MCI) has received final statutory approval.
The partnership deal sees MCI acquiring the controlling share of RentWorks Africa, thereby positioning SA`s leading technology rental company as an empowerment equity leader in the local ICT market.
MCI is represented on the RentWorks Africa board and is active in directing the path of the organisation`s growth as well as its transformation in line with the empowerment criteria set out in the recent Department of Trade and Industry (DTI) strategy document for broad-based black economic empowerment.
"We acknowledge that sustainability of development in SA will be driven by employment equity and the pursuit of black economic empowerment (BEE)," says Modise. "This partnership reflects our commitment to the development of the country`s economy. Our relationship with MCI also provides us with the opportunity to grow the RentWorks business by realising the vast opportunities available in the South African IT rental market, especially in the government and parastatal sectors."
Cyril Ramaphosa, executive chairman of MCI, says: "We are confident in our partnership with RentWorks. RentWorks has demonstrated its stability and credibility in the marketplace and together we foresee great opportunity in the South African IT rental industry, which is currently worth approximately R3 billion per annum."
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