https://www.engineeringnews.co.za

BPSA restructures BBBEE partnership

27th November 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

BP Southern Africa (BPSA) on Thursday announced that it had sold off 25% plus one share of its business to two black economic-empowerment (BEE) partners to “deepen” its equity ownership structure in line with BEE legislation changes.

The Kapela BEE consortium, which included the Disability Empowerment Concerns Trust, acquired a 20% plus 1 share for an undisclosed amount, while broad-based BEE trust, the BPSA Education Foundation, acquired 5% of BPSA’s shares.

The transaction, which was concluded after a competitive process, saw former BEE partners, the Mineworkers Investment Company and WDB Investment Holdings/WDB Fuel, exit its BEE partnerships after more than a decade.

“The partners were invited to participate in this [bidding] process and, during this time, elected to extract value from their existing investment, enabling BPSA’s new BEE structure,” explained BPSA chairperson Thandi Orleyn.

Kapela executive Fatima Abrahams and executive chairperson Israel Skosana would serve on BPSA’s board.

"We [Kapela] are excited to be a shareholder in BPSA. The acquisition of 20% plus one share is a significant investment for us,”
Skosana said.

Edited by Creamer Media Reporter

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
John Deere (Pty) Ltd
John Deere (Pty) Ltd

In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.11 0.168s - 137pq - 2rq
Subscribe Now