|
Pasdec Automotive Technologies
Announces BEE Deal
Brits, 12th February 2008
Pasdec Automotive Technologies (Pty) Ltd, one of South Africa’s leading automotive component manufacturers, has announced a breakthrough BEE deal.
In terms of the deal P Pather Capital Investments (Pty) Ltd (PPCI) will acquire 30% equity in PAT, whilst Pasdec Resources SA Ltd, whose majority shareholder is Pahang Off-Shore Sdn Bhd of Malaysia, will retain a controlling 70% shareholding in its subsidiary.
According to PAT’s chairman, Dato’ Hj. Abdul Rahim bin Mohd Ali, the deal with PPCI, which is headed by PAT’s current CEO Kevin Pather, holds many advantages for the company and its various stakeholders. Not least of these benefits is that with no potentially disruptive changes in management or key personnel as a direct result of the transaction, PAT’s customers, suppliers, and personnel can expect a seamless transition.
“Furthermore,” he adds, “whilst striving to meet the letter and spirit of the Codes of Good Practice, our key objective was to find a solution that added value to the company, whilst preserving its unique culture and reputation for world-class business practices. With Kevin Pather’s in-depth knowledge of the business, plus his hands-on commitment to PAT, we have gained a BEE partner who adds real and immediate value to both the business and our transformation process.”
Through its highly successful and widely acclaimed learnership programme, an employment equity drive and a commitment to the development and promotion of internal staffing resources, PAT has in recent years made great strides in transforming the business. The company also granted a share allocation to all staff.
PAT, which has three dedicated, purpose-built manufacturing plants in Brits and East London, was founded in 1969. In 2002 the company became part of the Pasdec group, since which it has experienced consistent growth built on a continuous programme of investment in plant, technology, processes and skills development. Among its clients are Nissan SA, Mercedes Benz South Africa and Toyota South Africa.
|
