ICT solutions provider T-Systems South Africa has announced a minority shareholder restructuring, buying back a 30 per cent stake owned by African Renaissance Holdings (ARH).
The company said the restructuring is geared towards “transformation, skills development and innovation”, and plans to distribute the shares among black employees.
“The scheme is performance based and reserves 10 per cent for black females and 10 per cent for black males. The 10 per cent shareholding to the Community Trust is to ensure that some of the value added to T-Systems is always ploughed back to the community with a specific focus on education,” the company said.
ARH had a long-standing relationship with T-Systems since 2001.
“We are grateful to ARH for their partnership on several areas of transformation and business development during this period and we are exploring alternative opportunities where the relationship will be different in future” says Gert Schoonbee, managing director (MD) of T-Systems South Africa.
The company said the initiative is part of its accelerated transformation and localisation strategy.
“Since our first investment into South Africa more than 16 years ago, we have re-invested 100 per cent of our local profits into the country in line with our policy to grow the business,” Schoonbee said.
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