SPESCOM FORGES AHEAD WITH BEE INITIATIVES
Spescom Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/001083/06)
Share code: SPS ISIN: ZAE000017919
("Spescom")
SPESCOM FORGES AHEAD WITH BEE INITIATIVES
JSE listed multinational, Spescom Ltd., has announced a deal that will see black
enterprise Momotheka Trading (Pty) Ltd., acquire a 40% shareholding in Spescom
Telecommunications (Pty) Ltd.
Momotheka Trading is owned by Lesedi Rakgokong, MD of Puisano Systems - a well
established and respected telecommunications supplier.
Under the terms of the contract Lesedi Rakgokong is appointed non-executive
chairman of the board of Spescom Telecommunications.
"This deal is an example of what true BEE should be about," says Rakgokong.
"All too often these initiatives merely bring empowerment credentials with
little or no BEE contribution to a company"s bottom line. In contrast Puisano"s
ability to add value will be fully harnessed through management participation
and the range of GSM products it brings to the Spescom Telecommunications
stable," says Rakgokong.
He adds that the fit is an excellent one for both companies due to the
similarity in business strategies.
According to Vernon Leas, Spescom CEO, South African operations, this deal is
the latest development in Spescom"s BEE initiatives, which commenced in the
early 1990s.
Leas emphasises that successful and earnest BEE initiatives encompass four
essential elements - shareholding with representation, procurement policies -
aimed at outsourcing to other BEE companies, social responsibility, and
employment equity.
"Spescom has fulfilled these criteria by the procurement of a BEE partner with
a significant shareholding and management representation. The group will
continue its policy of support for black SMEs in terms of outsourcing components
and services," says Leas.
Leas notes that the effort involved in BEE is often larger than originally
perceived but, as with this latest development with Puisano and Spescom
Telecommunications, there are immediate and measurable benefits for all parties
concerned," says Leas.
15 March 2004
Date: 15/03/2004 04:24:02 PM Produced by the JSE SENS Department
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