Bell signs black women-owned empowerment deal
The company yesterday concluded a BEE agreement with SiBi Capital at its Jet Park plant in Johannesburg
BELL Equipment yesterday officially concluded a Broad Based Black Economic Empowerment agreement with SiBi Capital (Pty) Ltd – an entity entirely owned and managed by black women.
SiBi Capital now holds 22.5% of shares in Bell Equipment Sales South Africa (BESSA), which provides sales and aftermarket support for Bell designed and manufactured products, as well as strategic alliance partner products in South Africa.
This includes all the South African Customer Service Centres, subsidiaries in Namibia and Swaziland, as well as Bell Finance.
Bell Group CEO Gary Bell said the agreement places the company in a unique position to be the only yellow equipment company that produces locally, and will allow its customers to be able to claim the benefit of purchasing from a 30% black women owned entity.
SiBi Capital is represented by Bharti Harie and Sindi Mabaso-Koyana, who each owns 50% of the entity.
‘It was necessary to create a sustainable funding structure that is not reliant on external finance,’ said Bell.
‘We believe that this objective has been met and that we can create a long-term relationship with SiBi Capital, through Bharti and Sindi, who can add real value to the BESSA business.’
Bharti headed up the Corporate Funding and International Finance Departments of the Industrial Development Corporation and presently serves as an independent non-executive on the boards of Lenmed Investments, Ascendis Health and the Mineworkers Investment Company.
She has also served on the Bell Board for the past six years and has direct knowledge of Bell, its history, vision and industry challenges.
Sindi is a Chartered Accountant by profession and has fulfilled various leading roles, including being a CFO of Transnet, Managing Director of Viamax Logistics and Executive Partner at Ernst & Young.
She also served on a number of boards such as SAA, Armscor, and Altron.
Her current board positions include Adcorp Holdings, MTN Zakhele and Toyota South Africa.
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