Kyocera Document Solutions South Africa (KDZA) unveils BEE deal
ITWEB / 05 DECEMBER 2019 -11.04 / JOIN.THE.DOTS
Kyocera Document Solutions South Africa (KDZA) has sold a stake in its business to Nozala Women in a deal that will allow additional equity for black women.
Kyocera has had a longstanding relationship with Nozala, which previously held a 15% share of KDZA.
From left: Mandlesilo Msimang (Nozala); Sadiyah Rasdien (Kyocera); Werner Engelbrecht (Kyocera); Salukazi Dakile-Hlongwane (Nozala); and Simphiwe Mashego (Nozala)
The Midrand-based document management company will be changing equity with its holding company, Kyocera Corporation – a Japanese multinational ceramics and electronics manufacturer – to sell an additional 20% stake to Nozala.
The deal will increase KDZA’s black economic empowerment ownership to 35% and will enhance KDZA’s broad-based black economic empowerment (B-BBEE) credentials significantly, as the full 35% of Nozala’s ownership is black women.
“This initiative is perfectly aligned with Kyocera Documents Solutions' commitment of uniting our employees and local communities in strengthening relationships of mutual trust, while providing our support for the advancement of society as a whole,” said Takuya Marubayashi, President of Kyocera Document Solutions Europe.
“The long-term and successful relationship between Nozala and KDZA had come to a contractual conclusion and it was time to restructure the relationship into something that is meaningful and helps us all to progress,” said Werner Engelbrecht, General Manager: Kyocera Document Solutions South Africa.
“We have worked well with Kyocera for 10 years and our relationship has been underpinned by mutual respect. Kyocera’s business ethics are aligned with ours and we are looking forward to promoting the participation of women in business through this new investment,” said Salukazi Dakile-Hlongwane, Director of Nozala Women.
“It was becoming increasingly apparent that a black female stake in our business was the right thing to do, as it represents Kyocera’s philosophy of ‘do right as a human being’. We look forward to the next phase in which we can join forces to grow Kyocera’s footprint in South Africa and the rest of Africa,” concluded Engelbrecht.
The financial framework for this deal was provided by Cinga Capital, and Bowmans was the legal advisor.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER