Columba Leadership Trust acquires a 26% stake in Manitou Southern Africa
Manitou Group announces the sale of 26% of the share capital of its subsidiary Manitou Southern Africa to the South African charitable trust Columba Leadership Trust. As a result, 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.
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 (African, Coloured and Indian people who are South African citizens) in the South African economy.
In particular, 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.
Also, the level of performance achieved by the company is measured by means of a rating that is part of the selection criteria for access to certain markets. By completing this transaction, Manitou Southern Africa expects to achieve the highest level of B-BBEE certification for a company not owned exclusively by black shareholders in the coming weeks.
So, 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 said: «We really looked forward to 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».
The opinions of the CEOs
Michel Denis, CEO of the Manitou Group, said: «By partnering with the Columba Leadership Trust, whose values and projects support adolescents in difficult situations, we are strengthening our actions in education, one of the key objectives of our social commitment».
Tracy Hackland, CEO of Columba Leadership Trust said: «We acquired a shareholding in a company that has a track record and reputation for excellence. This investment provides Columba with a sustainable source of revenue to support its programmes in underprivileged schools, while Manitou South Africa benefits from Columba Leadership’s status as a level 1 B-BBEE contributor».
About Manitou group
As a 74% subsidiary of Manitou Group and 26% of the Columba Leadership Trust, Manitou Southern Africa distributes and services equipment for use in the mining, construction, agriculture and industrial sectors in Southern Africa.
Based in Johannesburg and Cape Town, the company had a turnover of 439 million Zar (29 million Euro) in 2017 and employs 103 people.
About Columbia Leadership Trust
Columba Leadership is a national No-Profit Organisation with a 9-year track record in South Africa. Columba partners with high schools serving economically disadvantaged communities.
In particular, this partnership extends over a period of 3 years during which the school stakeholders aim to build the kind of school culture that can bring out the best in young people and support their development as people, as leaders, and as future employees in the 21st century.