Alstom SA empowerment stake moves to 35%
May 2003
News
Alstom SA has increased its black economic empowerment shareholding to 35%. This follows the announcement in October last year of a restructuring of Alstom's businesses in South Africa, which was underwritten by Rand Merchant Bank pending finalisation of the empowerment capital requirements.
A loan facility granted by the Industrial Development Corporation will finance equity stakes to be taken by Kgorong Investment Holdings and Sibilant Investments, wholly owned by Mbuso Dlamini. The black economic empowerment equity now comprises:
* Tiso Private Equity Fund (13%).
* Management/Trust (3%).
* Kgorong Investment Holdings (17%).
* Sibilant Investments (2%).
A further 7% of the shares are still earmarked for sale to empowerment companies as per the original agreement. Rand Merchant Bank holds an equity stake of 26%, with the balance of the shares held by Alstom Europe (10%) and management.
The change in shareholding has not affected the operational structure of Alstom SA, or its ability to provide traditional products and services to customers. As in the past, Alstom SA has exclusive distribution, technology and representation rights for Alstom in southern Africa, and maintains management and commercial links to the Alstom business units in Europe.
In addition to its shareholding in Alstom SA, Alstom has retained a representation office in southern Africa to follow major projects on behalf of the European company. Alstom SA managing director, Mark Wilson has retained his position as country president for Alstom in southern and eastern Africa.
Philippe Joubert, president of Alstom Transmission and Distribution internationally will continue as chairman of Alstom SA, and Letepe Maisela, Sam Mosikili and Mbuso Dlamini will be appointed to the board of directors.
Alstom SA employs 4000 people and has an annual turnover in excess of R2bn. It has 25 operating units, including three empowerment subsidiaries, 19 production facilities and 21 distribution centres throughout southern Africa.
Alstom is a global specialist in energy and transport infrastructure. The company serves the energy market through its activities in the fields of power generation and power transmission and distribution, and the transport market through its activities in rail and marine.
For further information contact Mark Dixon, Alstom SA, 011 820 5037, [email protected]
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