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BEE shareholding opens new doors of business
2007/10/18
The signing of Simeka Group and Awande Capital as BEE shareholders sees South Africa’s most comprehensive assistance services provider open the door to a whole new world of potential business.
Simeka and Awande will jointly, through a newly listed black consortium (Newshelf 836 (Pty) Ltd) have a 35 percent share in Europ Assistance SA. This makes Europ Assistance SA the first international assistance service company in South Africa to have a direct black shareholding.
“This is a necessary evolution for any South African based company that not only wants to see optimum business growth in the company, but also in the country,” says Gys Steyn, CEO of Europ Assistance SA who will welcome two directors from the consortium to the Europ Assistance SA board.
Europ Assistance Holdings, the French-based holding company, will hold a further 61 percent of the shares, while staff at Europ Assistance SA, who have been with the company for more than a year will collectively be given a one percent share through the company’s Benevolent Trust. The cost of this will be funded by Europ Assistance SA.
This BBBEE strategy will ensure that Europ Assistance SA can compete when tendering for government projects, in all spheres of government.
“The partnership will redefine our African footprint, and make our services available to many more South Africans, particularly to the SA workforce at large,” says Steyn.
“With our worldwide network, expert collaborators, well-known brand and ability to invent and market innovative services, coupled with this strong new partnership, Europ Assistance SA will consolidate its position in the assistance sector.”
Europ Assistance SA, a subsidiary of Europ Assistance Holdings, the second largest assistance company in the world, is an established service provider assisting corporate groups, brokers, clubs, medical aid funds and various other related industries in providing value added services and benefits to their employees and/or clients.
The company is now the most comprehensive assistance service provider in SA and currently assists over 12 million families and handles almost 2 million inbound calls per month.
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