In South Africa, IT products and services provider Fujitsu has announced an equity transaction with Thuthukani Investment Consortium (TIC), reinforcing Fujitsu’s commitment to South Africa and to the principles of Broad Based Black Economic Empowerment (B-BBEE). Fujitsu sold an equity stake to TIC, reaffirming Fujitsu’s confidence in South Africa and in the opportunities on the African continent.
Thuthukani Investment Corporation (TIC) has purchased 25 percent plus one share in Fujitsu Services Infrastructure Holdings (Pty) Ltd (FSIH), the South African subsidiary of Fujitsu Technology Solutions (Holding) BV. TIC comprises Amava Holdings (Pty) Ltd and Thuthukani Information Technology Services (Pty) Ltd, each of which own 45 percent of the shares in TIC. The remaining 10 percent is held in a B-BBEE trust.
The transaction supports the South African Department of Trade and Industry’s strategy and policy to advance economic transformation, and it will bring a transfer of skills and expertise to the consortium member businesses.
Fujitsu stands to gain increased exposure to public sector business opportunities, particularly as people from historically-disadvantaged communities will share in the benefits of such opportunities.
Fujitsu has set a target of achieving a Level 2 rating and is progressing steadily towards this goal.
Quentin Schots, Managing Director Fujitsu South Africa, says, “It is extremely important for corporate entities to play a role in the advancement of economic transformation in South Africa, particularly as this will contribute to a more vibrant, more competitive economy. At Fujitsu, we take this issue seriously and we welcome the confidence that TIC has in us and we look forward to developing our relationship through mutually-beneficial projects.”
Fannie Mahlangu, Managing Director of Thuthukani Information Technology Services, commented, “We already have enjoyed a successful relationship with Fujitsu since the announcement of our initial investment in Fujitsu Technology Solutions in 2008. We are confident in the future of the business, and are pleased to be able to extend our investment into the broader, merged Fujitsu operation. It is indeed encouraging to see Fujitsu further entrenching their commitment to South Africa at this time of negative investor sentiment.”