Columba buys stake in Manitou Southern Africa
Wednesday, 7 November 2018
Johannesburg, Gauteng, South Africa
Manitou Group has announced the sale of 26% of the share capital of its subsidiary, Manitou Southern Africa, to the South African charitable trust, Columba Leadership Trust. This transaction allows the Manitou Group to strengthen its commitment to South Africa by meeting the highest standards of the broad-based black economic empowerment policy.
Broad-based black economic empowerment (B-BBEE) is a South African government policy to advance economic transformation and enhance the economic participation of black people in the South African economy. The purpose of B-BBEE is to bridge the gap between theoretical and substantive equality to ensure that all people in South Africa fully enjoy the right to equality, according to a Manitou statement.
By completing this transaction, Manitou Southern Africa is expected to achieve the highest level of B-BBEE certification for a company not owned exclusively by black shareholders in the coming weeks. This B-BBEE level will enable the company to meet the highest obligations of the mining markets and the public sector.
Steve Ryder, vice president - Africa and Middle East and managing director of Manitou Southern Africa, says: "We are delighted with this transaction which reinforces Manitou's contribution to South Africa. Having been present in the country for more than 25 years, we are entering a new era that further entrenches our presence in a country where we want to continue to invest for the long term."
Michel Denis, CEO of the Manitou Group, says that by partnering with the Columba Leadership Trust, whose values and projects are designed to support adolescents in difficult situations, "we are strengthening our actions in education, one of the key objectives of our social commitment".