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Tiso Group BEE company takes 25% stake in Aveng (Africa) Ltd.
Wednesday, February 20, 2008: Steeledale Mesh
The Tiso Group, through a black economic empowerment company Qakazana Investment Holdings (Pty) Limited has taken a 25% stake in South Africa construction giant Aveng (Africa) Ltd.
Aveng (Africa) Ltd. Managing Director Howard Jones describes the transaction as “an important step” in the overall transformation strategy of Aveng (Africa) Ltd.
“We embarked on this strategy more than 15 years ago and have made good progress through the establishment of joint venture companies with predominantly black shareholders; through our procurement policies; our utilization of smaller, black-owned subcontractors; and our employment equity programme, which sets challenging targets that are rigorously monitored.”
Jones says Aveng (Africa) Ltd. is delighted to have the Tiso Group, through Qakazana, on board to assist with further development and monitoring of transformation initiatives.
“What is enormously exciting is that Qakazana is 24% owned by our own employees, and includes a women's empowerment trust.”
