Siemens boosts BEE ownership to 30%

March 30, 2007

Industrial giant Siemens has announced that Linacre Investments, a 100%-owned subsidiary of Sekunjalo Investment Holdings, and Business Venture Investments No 626, a 100%-owned subsidiary of New Africa Millennium Telecommunications (Africom), had each acquired an additional 2% ofshares in Siemens Ltd, bringing the percentage under black ownership to 30%...

Funded by Rand Merchant Bank, the transaction means that BEE shareholders Sekunjalo and Africom each now own a 15% share in Siemens Limited, while Siemens Germany now owns a 70% share.

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