Schneider Electric has finalised its third black economic empowerment deal, the latest being with leading empowerment concern, Community Investment Holdings (CIH). This deal places 20,1% of the Schneider Electric South Africa shareholding in the hands of CIH, a 100% black-owned group that is actively involved and has significant interests in technology, power and energy. Schneider Electric has been working with CIH since 1999. The two companies have, over the years, combined their efforts and capabilities to effect great results in South Africa’s energy management sector.
“As a global organisation that has invested heavily in South Africa, Schneider Electric is most pleased to have formed a sustainable BEE partnership with the reputable CIH. We are pleased to have formalised our relationship under the terms of the new arrangement, and look forward to further synergy and business success, all the time leading the Energy Management market by example. This means that now, being a level-four BBBEE organisation, our clients can also recognise 125% of the values of spend with us for their own procurement scorecards,” says Patrick Gaonach (country president).
CIH was formed a year after South Africa’s first democratic elections in 1994. Soweto-born Dr Anna Mokgokong has been at the helm of the organisation since the start, and has received international acclaim for her entrepreneurial ability. She is also the former president of the International Womens’ Forum of South Africa and is a recipient of the Star Group ‘Leading Women Entrepreneur of the World’, a forum that honours leading women personalities in all countries.
“From the onset the founders of CIH had one common mission and goal, and that was for CIH to participate in black economic empowerment in the mainstream economy of South Africa,” says Dr Mokgokong“. The company has achieved its initial goal and is currently in the second phase of its growth, which is a consolidation phase so as to leverage its assets to become significant players in the industries in which we have invested.”
Before the end of the first half of 2010, Schneider Electric’s commitment to furthering black education will be solidified with a further sale of 5% of the local Schneider Electric equity to a black empowerment education and development trust in order to address the needs in education and training. At least 30% of the trust beneficiaries will be black women.
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