CONTITECH South Africa has increased its local empowerment ownership in South Africa, through the transformation of its shareholding to a 51% black and 31% black female South African ownership.
“As a company we recognise that transformation is not only a moral imperative but a pragmatic growth strategy that aims to realise the country’s full economic potential while helping to bring the black majority into the economic mainstream,” said Noel Williams, General Manager Technical Services, ContiTech Africa.
“Our focus, in terms of BBBEE, is to make a meaningful difference which is why in this transaction we included a Broad-Based trust that will be for the benefit of female entrepreneurs and the education of young females.”
He said the ContiTech Africa Group had also engaged 34 black youths in January 2019 in terms of its Youth Employment Service program to further underline its commitment to the development of skills among previously disadvantaged youth.
“This transformation of ownership illustrates Continental’s commitment to a long-term partnership to support inclusive economic growth and empowerment of previously disadvantage individuals.”
Williams said Continental had started its BEE transition in 2006. “These BBBEE commitment credentials will not only enable our customers to maximise their BEE score but are evidence of our commitment to transformation in South Africa.”