B-BBEEE Shareholder Announcement
For immediate circulation.
9 December 2020
Praesidiad’s wholly owned South Africa subsidiary Guardiar SA Pty Ltd that manufactures Betafence products for the SADAC region, finalises a minority shareholding agreement with Trident Union Partners.
Praesidiad is pleased to announce the completion of an agreement with Trident Union Partners, a Johannesburg based black-owned technology investment company, for the sale of shares in its South Africa business. The transaction was finalised on 7 December 2020.
Wayne Schneeberger, Vice President and General Manager for Praesidiad Africa said: “We are excited about the transaction. It is anticipated to further raise our business’s B-BBEE rating which will deliver value to our Betafence customers and underpin our investment in promoting economic transformation in South Africa.”
This transaction is the latest development as part of Praesidiad’s commitment to comply to South Africa’s B-BBEE Codes and its priorities of transformation and inclusive growth of the region.
“As security requirements become more complex and integrated in South Africa, I am confident that Trident’s wealth of knowledge in the technology landscape will add to the Betafence value proposition to its customers.” says Siphiwe Nodwele, Group CEO of Trident Union Partners.
Brad Conarroe of Novitas Capital Advisors, Praesidiad’s exclusive advisors on the transaction, adds: "After evaluating more than 15 potential partners, we are confident that Trident and Betafence are a perfect fit. Trident brings a youthful energy balanced with experience and a track record in enterprise technology solutions to the table."
Recertification of the B-BBEE rating for the Betafence business is expected to be concluded in January 2021.
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