Vodacom has announced that the strategic partners for its R7,5-billion broad-based BEE deal are Royal Bafokeng Holdings (RBH) and Thebe Investment Corporation.
This is the word from CEO Alan Knott-Craig, who says the decision is based on the comprehensive partner selection process.
Royal Bafokeng Holdings is the primary investment vehicle of the Royal Bafokeng Nation, a 300 000 strong broad-based black community situated in the North West Province. It is responsible for the management and development of the commercial assets of the Royal Bafokeng Nation, for the sustainable benefit of the community.
Thebe is one of the pioneers of broad-based BEE in South Africa. Its main shareholder, the Batho Batho Trust, is a community based organisation established to promote the social and economic development of black people and women. Thebe aims to develop and invest in businesses for the long term benefit of the community, fulfilling social objectives using economic means.
The BEE transaction will be split between three participant groups, with RBH and Thebe holding 45%, broad-based black members of the public and Vodacom partners will have 30% and staff of Vodacom SA will hold 25%.
It is expected that an announcement regarding the terms of the BEE transaction and the offer to the black public and business partners will be made at the end of June 2008, with the black public offer opening shortly thereafter.