Pipes manufacturer enters into BEE deal
Glass fibre reinforced-pipes (GRP) manufacturer Fiberpipe recently entered into a black economic-empowerment (BEE) deal with a new BEE company to help grow the business.
Fiberpipe MD Hein Momberg explains that the current ownership structure comprises an 82% shareholding by Fiberpipe Holdings, with the remaining 18% held by nine of the senior personnel in the company, each person being allocated 2%. Fifty-one per cent of Fiberpipe Holdings’ shares are held by an investment company and 49% by the new BEE company.
“I wanted to build a business that will be here for many years to come. To achieve this, one needs to expand and to have a sustainable business, a strong management team is essential,” Momberg says.
As part of the deal, shareholders of the BEE company both Nizaam Hendricks and Vanessa Khathwane are now Fiberpipe directors – of which there are five. Hendricks and Khathwane are responsible for growing Fiberpipe’s business, identifying new areas of opportunity and interacting with government and municipalities.
Momberg notes that this move is an advance for the company in terms of its development, as it was previously focused exclusively on consulting engineers.
Fiberpipe has also appointed two nonexecutive directors, Anton Joos and Hein Pieters.
Momberg states that it was important for the company to have shareholders that worked in the company and contributed to the growth of the business.
“In terms of our vision and goals, we want to be the preferred supplier of piping solutions in Southern Africa through our RGP and Flowtite range. As a business, we have moved away from merely being a pipes supplier. Fiberpipe offers a total package to our clients, from assisting with the design of a pipeline through to after-sales service and maintenance,” he says.
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