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Ericsson enters BEE partnership

24th March 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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Telecommunications giant Ericsson South Africa on Monday announced that it had entered into a shareholding agreement that would see broad-based black economic-empowerment (BBBEE) partner, Ringgold Consortium, acquire a 25.1% equity stake in Ericsson.

“This announcement follows an extensive process to identify a partner which shares our commitment, our vision and philosophy. We look forward to working with our new shareholders and we’re confident that our partnership will further establish Ericsson as a preferred business partner in South Africa,” Ericsson South Africa MD Magnus Mchunguzi said in a statement.

Ringgold Consortium was established as a special-purpose vehicle by young professionals active in the information communications technology, engineering and financial services sectors, said Ringgold chairperson and shareholder Gift Mphefu.

He and fellow shareholder Thabi Leoka have been appointed to the Ericsson South Africa board as nonexecutive directors.

Other Ringgold shareholders included Calvo Mawela and Diliza Mbete.

Edited by Creamer Media Reporter

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