Bell Equipment signs BEE deal with women-owned entity
Heavy equipment manufacturer Bell Equipment has signed a black economic empowerment (BEE) agreement with SiBi Capital, an entity entirely owned and managed by black women.
When concluded, SiBi Capital will hold 22.5% of Bell Equipment Sales South Africa (Bessa), the wholly owned subsidiary of Bell Equipment. Bessa provides sales and aftermarket support for Bell-designed and -manufactured products, as well as for strategic alliance partner products, in South Africa.
A further 7.5% stake in Bessa will be held by the newly formed Bell Equipment Foundation, a broad-based trust with black women as its beneficiaries, while Bell Equipment retains 70% ownership in Bessa.
SiBi Capital is represented by Bharti Harie and Sindi Mabaso-Koyana, who each own 50% of the entity.
Bell CEO Gary Bell explained that the agreement was structured to pursue real transformation, while aligning the company’s business strategy with government's economic transformation policies.
He added that this would place Bell in a position to be the only yellow equipment company that produces locally, allowing its customers to claim the benefit of buying products from a 30% black women-owned entity. This could potentially earn them an additional four points in their overall broad-based black economic empowerment score, which, in turn, when verified, increases their ability to bid for and win contracts.
"It was necessary to create a sustainable funding structure that is not reliant on external finance. We believe this objective has been met and that we can create a long-term relationship with SiBi Capital, through Bharti and Sindi, who can add real value to the Bessa business," said Bell.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
