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Bearing Man BEE Announcement (May 2007) The Black Economic Empowerment deal has now been clinched for Bearing Man’s holding company, Invicta Holdings Limited. “This BEE shareholding deal with aloeCap Limited and the Humulani Investments Share Incentive Trust is a crucial milestone in Bearing Man’s journey towards successful black participation in our business,” says Charles Walters, CEO of Bearing Man. “The R116-million transaction is based on sound business values to strengthen the group’s customer base; empower and develop our staff and harness the strength of our new partners in achieving an ambitious growth strategy to the benefit of all our customers, stakeholders and staff. “Bearing Man’s vision is to be a powerful force in the engineering sector, providing superior technical solutions to our customers, using our leading brands of quality products and the best technical skills available. We will achieve this through a focused branch network of technical people trained to provide a world-class service. “This BEE transaction, which also injects substantial cash into the group, will unlock new opportunities that will stimulate future growth of business.” 25% new ordinary shares in Humulani Investments (Pty) Limited, a wholly owned subsidiary of Invicta, which owns all Invicta’s operating assets, have been issued to aloeCap Limited and The Humulani Investments Share Incentive Trust. Bearing Man, a leading supplier of engineering consumables, which was established in Durban as a single shop bearing company in 1974, has expanded its operation dramatically to become Africa’s largest specialist distributor of bearings, seals, power transmission components, electric and geared motors, belting and fasteners. The company now boasts almost 100 outlets in South Africa, Namibia, Swaziland, Botswana, Mozambique and Zambia. Background Information 20% of new ordinary shares in Humulani have been issued to aloeCap and 5% of new ordinary shares to the trust. This trust has been established in terms of the mandate given by Invicta’s shareholders for the benefit of black staff at Invicta, as set out in the Government’s Broad Based BEE Codes of Good Practice. aloeCap, a 100% black owned and managed company, which was established 10 years ago, has earned a solid track record as advisors to the public sector on transactions worth more than R40-billion. Areas of business include mining and industrial fabrication, wholesaling, information technology and events management. The company’s founder black entrepreneurs hold 90% of aloeCap shares, while 10% are held by a trust established to benefit previously disadvantaged women. aloeCap has also established relationships with local and international banking and institutional advisors, raising more than R2-billion for the aloeCap group and its clients. Invicta Holdings Limited has been a Top 100 JSE listed company for the past 12 years and has sales in excess of R2,5-billion per annum. |
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