Technology services company T-Systems South Africa, a subsidiary of Deutsche Telekom’s T-Systems, has repurchased the 30% stake in the business held by black economic empowerment (BEE) company African Renaissance Holdings (ARH) and other minority partners.
The value of the deal has not been disclosed.
T-Systems South Africa said in a statement that it has distributed the 30% shareholding to its black employees and to a community trust. ARH had enjoyed a relationship with the company since 2001. T-Systems MD Gert Schoonbee said in a statement that it is “exploring alternative opportunities where the relationship will be different in future”.
The new empowerment scheme is performance based and reserves 10% for black women and 10% for black men, the statement said.
“The 10% shareholding to the community trust is to ensure that some of the value added to T-Systems is always ploughed back into the community, with a specific focus on education,” it said. Current education initiatives include the ICT Academy, the Hazyview Digital Learning Centre and the Internship Programme.
The company said the restructuring is in line with the broad-based BEE codes of good practice.
T-Systems also announced that it is making changes to its board of directors.
Schoonbee and Maphum Nxumalo have been appointed as executive directors, while Khangekile Simelane has been named independent nonexecutive director. Mpho Letlape, Georg Heil and Mardia van der Walt-Korsten have been appointed as nonexecutive directors for a three-year term. — (c) 2014 NewsCentral Media
