Ericsson South Africa announces BEE deal
Ericsson South Africa has announced that Ringgold Consortium has acquired a 25.1% equity stake in the company, as its Broad Based Black Economic Empowerment (BBBEE) partner.
Chaired by Gift Mphefu, Ringgold Consortium was established as a special purpose vehicle by young professionals active in the information communications technology (ICT), engineering, and financial services sectors.
Under the agreement, Ringgold chairman Gift Mphefu and his co-shareholder Thabi Leoka have been appointed to the Ericsson South Africa board as non-executive directors.
Magnus Mchunguzi, MD of Ericsson South Africa, said: “This announcement follows an extensive process to identify a partner who shares our commitment, our vision and philosophy.”
“We look forward to working with our new shareholders and we’re confident that our partnership will further establish Ericsson as a preferred business partner in South Africa.”
Other Ringgold shareholders are Calvo Phedi Mawela and Diliza T. Mbete.
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