Modern Quarrying

Heavy equipment manufacturer and distributer Bell Equipment, has concluded a Broad Based Black Economic Empowerment agreement with SiBi Capital (Pty) Ltd, an entity entirely owned and managed by black women.

Bell Equipment signs BBEEE dealAvishkar Goordeen, director of Group Corporate Development, Bell Equipment; Bharti Harie, SiBi Capital; Gary Bell, Bell Equipment CEO; Sindi Mabaso-Koyana, SiBi Capital; and Menzi Dumisa, MD Bell Equipment Sales South Africa; photographed in front of the company's core product, a Bell Articulated Dump Truck, manufactured locally in Richards Bay.

Explaining the rationale behind the new agreement, Bell Group CEO Gary Bell says the agreement has been specifically structured to pursue real transformation through the economic empowerment of black women, who will add value to the company, while also aligning the company’s business strategy with government's economic transformation policies. Heavy equipment manufacturer and distributer Bell Equipment, has concluded a Broad Based Black Economic Empowerment agreement with SiBi Capital (Pty) Ltd, an entity entirely owned and managed by black women.

He believes that this will place Bell in a unique position to be the only yellow equipment company that produces locally and will allow its customers to be able to claim the benefit of purchasing from a 30% black women-owned entity. This could then potentially earn the group an additional four points on its overall BBBEE verification, which in turn increases the ability to bid for and win contracts.

In terms of the agreement, SiBi Capital holds 22,5% of shares in Bell Equipment Sales South Africa (BESSA), the wholly-owned subsidiary of Bell Equipment Limited. BESSA provides sales and aftermarket support for Bell-designed and manufactured products as well as strategic alliance partner products in South Africa. This includes all the South African Customer Service Centres, the company's subsidiaries in Namibia and Swaziland as well as Bell Finance, the joint venture with Wesbank.

SiBi Capital is represented by Bharti Harie and Sindi Mabaso-Koyana, who each own 50% of the entity.

A further 7,5% stake in BESSA will be held by the newly-formed Bell Equipment Foundation (BEF), a broad-based trust which will have black women as its beneficiaries, while Bell Equipment Limited retains 70% ownership.

www.bellequipment.com

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