BBBEE

Broad Based Black Economic Empowerment

Schindler Lifts concludes Empowerment Shareholding Deal

Schindler Lifts South Africa has concluded a pioneering BBBEE equity agreement with Mowana Investments which is an African owned diversified investment holding company.

"Following an exhaustive process to identify a new partner who shared our approach and vision and wanted to work with us to deliver on our objectives, we identified Mowana Investments, who has an established track record in value creating BBBEE transactions. We are excited about this new partnership and confident that together this transaction will add significant value to our business going forward.

"Schindler has always been committed to participating in economic transformation in South Africa. We consider the finalization of this strategic partnership as an important milestone in our voyage towards building a leading value-focused lift business with a strong social license to operate in partnership with all our stakeholders said Pankaj Sinha MD, Schindler SA - June 2010 - June 2016.

Established in 2004, Mowana Investments have always been proud advocates of active participation and ownership by black South Africans in strategic economic sectors. Currently chaired by Mr. Bridgman Sithole, the company employs 16 000+ people across South Africa, Sub-Saharan Africa (including Angola, DRC, Tanzania, Zambia, and Mozambique) as well as Australia.

With an established, successful investment track-record, Mowana aims to continue investing in both listed and unlisted entities in such industries as telecommunications, MEI business, automotive dealerships, advisories, media, data & analysis, document management and industrial holdings. Mowana’s current portfolio comprises companies such as Skelton & Plummer, Princes Group, Venn Diagnostics, Insight Advisors and Monitoring SA – to name a few.