Siemens SA has sold additional shares to its black economic empowerment (BEE) partners Linacre Investments and Business Venture Investment, bringing their collective shareholding to 30%.
Linacre Investments is a 100% subsidiary of Sekunjalo Investment Holdings, while Business Venture Investments is owned by New Africa Millennium Telecommunications (Africom).
The deal was funded by Rand Merchant Bank for an undisclosed amount. The transaction results in BEE shareholders Sekunjalo and Africom each owning 15% shares in Siemens SA, while Siemens Germany owns the remaining 70%.
The transaction is in line with the requirements of the Department of Trade and Industry`s BEE Codes of Good Practice, which require a minimum of 30% equity of companies be held by a BEE partner, unless the transaction is worth over R7.5 billion.
Siemens SA CEO Sigi Proebstl says the transaction reinforces the company`s commitment to the transformation process under way in SA. It also recognises the significant contribution made by the two partners in growing the regional Siemens company, he adds.
"At Siemens, we see BEE as much more than a financial transaction; it is a business imperative."
The company recently appointed Anna Mokgokong as deputy chairperson and non-executive director of Siemens SA. "In this role, she will participate at board level and be involved with all strategic decisions," Proebstl says.
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