ABB South Africa sells 20% share of local group operation

November 2002 News

ABB in South Africa, part of the international power and automation technology group, has announced that it has concluded a partnership with Women's Investment Portfolio Holdings (WIPHOLD), a women-run and managed financial services group, to sell it a 20% share of the local holding company.

The agreement will give WIPHOLD Private Equity a 20% share of ABB's holding company that includes a 10% share of ABB Powertech Transformers, a joint venture between ABB and Powertech.

"ABB has been in the forefront of Black Economic Empowerment (BEE) and has launched a number of companies in the electrical industry with some 25% of its more than 2000 employees now working for these companies. We wish to further increase our BEE profile and at the same time pave the way for greater empowerment of black women in the electrical power industry," says Carlos Pone, president and group representative of ABB South Africa.

WIPHOLD will be represented on the ABB South Africa board and will participate in various operational committees, including auditing, employment equity and sustainability development. "We have chosen WIPHOLD because of its excellent standing in the marketplace and believe that there are many mutual benefits to be gained in the partnership," says Pone.

"For some time now we have been looking at ABB South Africa and are comfortable with the company's solid track record, and its business philosophy," said Taurai Muranda, director of WIPHOLD Private Equity.

"At WIPHOLD we are dedicated to the empowerment of women, with the 18 000 rural women being the ultimate beneficiaries to the WIPHOLD Investment Trust. We are extremely excited to be working with ABB, a company that has contributed to growth and development in this country through direct foreign investment assisted by its global network," said Louisa Mojela, CEO of WIPHOLD.

For more information contact Chesney Bradshaw, ABB Holdings, 011 236 7578, [email protected], www.abb.com/automation, Nombini Mehlomakulu, WIPHOLD, 011 715 3500.

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