Secureco announces empowerment deal

September 2002 News & Events

Secureco Holdings recently announced the introduction of black economic empowerment company Mvelaphanda Strategic value adding shareholder in the company. Mvelaphanda Strategic Investments has acquired a 26% stake in the company for an undisclosed sum. The company employs in excess of 5000 people.

Secureco is one of the leading security companies in South Africa focusing on guarding, cash in transit, armed response and surveillance technologies. The company was established in 2000 by ABSA Corporate and Merchant Bank and Prime Africa Investment Limited (PAIL), a Singapore-based consortium. This purchase of 26% in Secureco by the empowerment consortium will expand the company's business within the industry, and, at the same time, fulfil the company's commitment to Black Economic Empowerment (BEE) in South Africa.

"We are responding to the need for empowerment in this industry by selecting Mvelaphanda as our partner," said John Main, CEO of Secureco. "We believe Mvelaphanda to be a genuine BEE partner with a spread of shareholding that represents financial stability, substantial critical mass and is well respected as a true empowerment operation. Mvelaphanda is involved in a number of industries including resources, telecommunications, property and transport, all of which require security services."

Hamilton Mangase, the appointed representative from Mvelaphanda, said: "Extensive research into the industry showed Secureco to be a leading security company and a candidate for significant black economic empowerment transaction whereby a commercial return can be generated for all stakeholders."

For more information: John Main, Secureco Holdings, 011 531 4000, [email protected]





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