Schneider Electric concludes empowerment deal with CIH- #BEE is what screwed #SA up in the first place

Schneider Electric concludes empowerment deal with CIH.

Energy management specialist Schneider Electric has finalised its third black economic-empowerment deal with empowerment investment firm Community Investment Holdings (CIH).

The vendor finance deal placed 20,1% of the Schneider Electric South Africa shareholding in the hands of CIH, a 100% black-owned group.

The group also plans to sell 5% in its South African operation to a black empowerment trust to advance education and training. At least 30% of the trust beneficiaries would be black women.

Schneider Electric South Africa president Patrick Gaonach said that the new deal had taken it to a level-four broad-based BEE organisation, which meant that the company’s clients would also recognise 125% of the values of spend with the company for their own procurement scorecards.

“Schneider Electric remains committed to the local empowerment drive, advancing empowerment initiatives in ways that are sustainable, credible and which benefit all stakeholders in the country,” he commented.

CIH was founded in 1995 by Anna Mokgokong and Joe Madungandaba.

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