|
EXCELLERATE HOLDINGS LIMITED - EXCELLERATE SIGNS NEW BEE CONTRACT
EXCELLERATE HOLDINGS LIMITED
(Registration number 1997/009884/06)
Share code: EXL ISIN: ZAE000026092
Share code: EXLD ISIN: ZAE000044145
("Excellerate")
EXCELLERATE SIGNS NEW BEE CONTRACT
1.Introduction
In the interest of supporting community-based social development projects and as
part of Excellerate"s commitment to the imperatives of Black Economic
Empowerment ("BEE") in South Africa, Excellerate is proud to announce the
conclusion of a BEE transaction. The transaction involves the acquisition by
Ikamva Labantu, a community-based non-profit making organisation, of a 51%
equity interest in Excellerate"s empowerment partner, Katanga X Holdings (Pty)
Limited ("Katanga X"), effective from 1 February 2004, with Excellerate
retaining the balance of 49% in Katanga X.
2.Nature of business of Katanga X and Ikamva Labantu
Katanga X is a support services group of companies whose subsidiaries include:
* Katanga Property Care (Pty) Ltd;
* Katanga Auto-Care (Pty) Ltd;
* Katanga Parking Services (Pty) Ltd;
* Katanga Security (Pty) Ltd; and
* Katanga Catering (Pty) Ltd.
Ikamva Labantu is a long-established, well respected non-profit making
organisation whose primary objectives are to redress the damages of South
Africa"s past and to support South Africa"s growing democracy by providing
empowerment through education, economic development and sustainable self-
sufficiency. The organisation"s office bearers have played significant roles in
community upliftment, both during the struggle years and since. Its patrons are
people who are widely recognised for their roles in commerce and industry. The
organisation runs and facilitates over 1000 projects in many urban and rural
townships across South Africa. These projects cover programmes for children,
orphans, aids sufferers, township youth, senior citizens, the disabled and the
unemployed.
3.Rationale
Katanga X is administered by Excellerate who has similar services within its
various businesses and is well equipped to provide skills development, training,
management development and ongoing advice to Kantanga X.
This type of transaction falls within Excellerate"s BEE-related projects and
reflects the various ways that Excellerate is committed to the meaningful
upliftment of Historically Disadvantaged communities in South Africa.
This partnership will ensure that:
- Katanga X"s profits from contracts will enhance community projects and
beneficiaries;
- employment and management skills development opportunities are harnessed
for disadvantaged and appropriate people;
- opportunities are provided to people who are from communities close to
contract sites;
- economic power and financial security are placed at grassroots level; and
- skills are transferred to genuine Historically Disadvantaged Individuals.
4.Consideration
The consideration for the 51% stake sold to Ikamva Labantu is R51.
5.Conditions precendent
All conditions precedent relating to the acquisition have been fulfilled.
6.Categorisation of the transaction
The transaction is categorised as less than a category 3 transaction in terms of
section 9.5 (a) of the Listings Requirements of the JSE Securities Exchange
South Africa and this announcement is made in order to provide information
regarding the ongoing activities of Excellerate.
Johannesburg
20 February 2004
Sponsor
Nedbank Corporate
Date: 20/02/2004 04:10:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
