Black empowerment partner invests in Securicor Gray

August 2002 News

Securicor Gray South Africa, a supplier of integrated security solutions, recently announced that it had concluded a black economic empowerment deal with Isiyalu Investment Holdings.

Securicor Gray operates in 21 countries in Africa and employs in excess of 36 000 people on the continent. In South Africa the company employs about 10 000 people.

The transaction sees the Isiyalu Group, under the chairmanship of Japie Moropa, acquire 20% of Securicor Gray South Africa for an undisclosed price, with an option to buy a further 5% at a later date.

Securicor PLC bought out Gray Security Services some 19 months ago, for R468m. Although this included certain international operations which were not part of Securicor Gray South Africa, a 20% interest would therefore amount to close to R100m in value.

In terms of the agreement, Isiyalu will secure three of the nine seats on the board of Securicor Gray South Africa, with Japie Moropa becoming chairman of the board. The recently appointed managing director of Securicor Gray South Africa is Faan du Toit.

Securicor Gray's managing director for Africa, Alex de Witt, and the company's managing director for South Africa, Faan du Toit, said the empowerment deal was the source of a great deal of satisfaction as it was the fulfilment of an undertaking made by Securicor PLC when it bought Gray Security Services.

"This is clearly a landmark event for us and it is made even more satisfying when one looks at the calibre of the people who, through this transaction, have become integral to the operation and success of Securicor Gray South Africa," de Witt said.

Japie Moropa said the Isiyalu Group's choice of Securicor Gray South Africa as a partner had been motivated by several factors, not least of which was the company's record of commitment to the empowerment of previously disadvantaged individuals.

"Our scrutiny of the security market and its major players revealed that Securicor Gray South Africa stood head and shoulders above the rest when it came to matters of empowerment, not only internally but also in terms of the creation of opportunities for improvement through partnerships with tertiary institutions and other empowerment initiatives. Their corporate social responsibility initiatives, particularly in the communities from which they draw their employees, is also extremely impressive," Moropa said.

For more information: Securicor Gray SA, 011 616 1218.





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