Sibi Capital and Bell Equipment Foundation (BFF), a broad-based trust, will acquire 22.5% and 7.5% respectively of the issued share capital of Bell Equipment's wholly owned subsidiary Bell Equipment Sales SA (Bessa), which will qualify as a 30% black-woman-owned entity.
CEO of Bell Group Gary Bell said the agreement had been structured to pursue real transformation through the economic empowerment of black women. They would add value to the company while also aligning the company's business strategy with that of government's economic transformation policies.
SiBi Capital was represented by Bharti Harie and Sindi Mabaso-Koyana, who each owned 50% of the entity.
The amount payable by Sibi Capital for the 22.5% stake in the ordinary shares of Bessa was R2.08m. It was funded in the form of loans by Bessa to Harie and Mabaso-Koyana, for R1,038,750 each. The loans were interest-free and payable over 12 months.
The 7.5% stake in Bessa, which would be held by the newly formed BFF, will have black women as its beneficiaries. Bell Equipment will retain 70% ownership.
Gary Bell said it was necessary to create a sustainable funding structure that was not reliant on external finance. "This objective has been met and we can create a long-term relationship with SiBi Capital", adding real value to the Bessa business.
Source: BDpro
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