Africon announces BEE deal

africon engineering international today announced an empowerment deal that effectively puts a total of 30% of the company’s entire global equity in black hands.

in 1994 a 29% stake within the company was sold to renong bhd, a malaysian conglomerate. this stake was recently repurchased and used to simultaneously speed up internal transformation and bring about this most recent empowerment transaction.

this latest deal is the second such major transaction in africon’s 56-year history and puts africon at the forefront of empowerment in the consulting engineering industry.

ceo gustav rohde said: "today’s announcement sets a new standard for our industry. by bringing on board dedicated individuals who share our values and our vision, and who are able to contribute valuable skills and industry knowledge to our business, we have ensured that this transaction is about real and substantive black empowerment.

"this empowerment deal is not limited exclusively to our south african equity but facilitates participation by our new black partners in our global business," said rohde.

africon is by far the biggest firm of its kind in sa with over 1 300 employees in 17 offices in sa. in addition the company has 10 offices, across africa and the middle east, where south african skills are put to the test daily. it has been voted one of sa’s top 500 best-managed companies and is the leader in its sector.

the group of eight individuals including three women entering into partnership with africon includes teddy daka, tami sokutu, mzolisi diliza, lindelwa mabuntana, victor moche, david moshapalo, yvonne muthien and vuyelwa masangwana.

these individuals will become full beneficiaries of the africon ownership trust and will join george khunou and bonaventura nyathi who last year also became shareholders within the group.

teddy daka and mzolisi diliza have been appointed to the board of directors which has been chaired by prof jakes gerwel since 1999.