Black economic empowerment
SA firms merge to form BEE giant
Mutual aspiration
Matseke will lead the KTH management team along with deputy CEO Vuyisa Nkonyeni, financial director Frencel Gillion, chief investment officer Jacob Hinson, and Afzal Patel. Tiso Group founders Nkululeko Sowazi and David Adomakoh will be non-executive directors. "This merger by two black-owned companies, driven by a mutual aspiration to build a noteworthy business platform that is reflective of the new South Africa, is a great milestone for the country's economic transformation project," said Sowazi. "It represents a validation and maturation of black economic empowerment and the creation of an enterprise that will deliver both social and shareholder value." A merger committee that will oversee full implementation of the merger has been established for an interim period and is chaired by Sowazi. Sowazi will also co-chair the board of directors with Nthobokae Angel. "We are very excited by the promise of having engineered a company that will be a leader in effective social investment," said Angel. "The fact that two public benefit trusts are jointly the largest shareholder in KTH means that its commercial success directly impacts socio-economic development." The merger has fulfilled all the legal and regulatory requirements, including approval by the Competition Commission and Competition Tribunal. SAinfo reporter
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'No economy can grow by excluding any part of its people, and an economy that is not growing cannot integrate all of its citizens in a meaningful way' – from South Africa's black economic empowerment strategy document (Photo: Hannelie Coetzee, MediaClubSouthAfrica.com)