Electronics and electrical engineering group Siemens Southern Africa has bought out black economic-empowerment (BEE) partner New Africa Millenium Telecommunications stake in the company, which it will transfer to employees.
CEO Siegmar Proebsti announced on Wednesday that the 15% shareholding would be transferred to a newly established Siemens employee share ownership trust (Esot), the beneficiaries of which included eligible previously disadvantaged employees of Siemens and its subsidiary companies.
Siemens did not disclose the cost of the transaction.
"It will allow the employees of Siemens to share in the success of the company," Proebsti said, adding that the new shareholding would add business and financial value to Siemens, as it would make the company stronger.
He said the establishment of the Esot enabled the company to continue its drive to empower its employees and play an active role in contributing to the aims of the country's New Growth Path.
Black-owned Sekunjalo Investment Holdings retained its 15% shareholding in the group's 30% BEE structure.