Multisource announces BEE deal with Zonkiziziwe
September 2004
News
Access Control & Identity Management
The announcement that Zonkiziziwe Investments has secured a 23% shareholding in leading wireless telecommunications company, Multisource Telecoms, comes at a time when demonstration of a black economic empowerment profile is becoming imperative in the South African business environment.
Multisource Telecoms has been actively engaged for the past two years in the search for an appropriate black economic empowerment partner. According to Hugh Myres, CEO of the company, not only will Zonkiziziwe add value through providing access to key markets, but will also bring an associated cash investment that will enable sustainable growth in Multisource's chosen market sectors.
From left – Hugh Myres, chief executive officer, Ralph Pietersen, non-executive director, Malcolm Bayes, executive, and Hermanus G. Loots, non-executive director of Multisource Telecoms
Zonkiziziwe is part of a multifaceted group and, prior to making its final decision to purchase a shareholding in Multisource Telecoms, had been considering several investments in this sector of the market. After careful analysis of the prospects and the conducting of due diligence audits, the agreement was concluded between the two companies. ABSA has facilitated the funding of Zonkiziziwe's shareholding in Multisource Telecoms. This was made possible through their Incubator Fund, which was recently launched.
Hugh Myres remains the CEO of Multisource Telecoms, and Malcolm Bayes has been appointed to the Multisource board as a full time executive representing Zonkiziziwe and will also serve on the company's executive committee. Hermanus G. Loots and Ralph Pietersen have been appointed as non-executive directors representing Zonkiziziwe on Multisource Telecom's board. "Zonkiziziwe will play a strategic role and provide synergy in existing markets like security services, national government, metropolitan councils and parastatals," Bayes says.
He says that Multisource Telecoms and Zonkiziziwe together will have greater scope in developing the wireless communications markets by combining their roles both in new and existing markets. The intention is to grow the business significantly over the next couple of years, with one of the initial aims being the establishment of a new set of black distribution channels across South Africa. Other issues on the agenda also include gender sensitivity at board level.
Myres says that Zonkiziziwe has precisely the kind of access we are looking for, not only in Multisource Telecoms' selected markets in South Africa, but also has significant reach into the security and telecommunications markets in sub-Saharan Africa.
"This initiative has built upon the steps taken last year by Dr Mathews Phosa, and the combined weight of Zonkiziziwe and Dr Phosa bring Multisource Telecoms' BEE equity participation up to 35%."
For more information contact Hugh Myres, Multisource Telecoms, 011 321 0333.
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