SOUTH AFRICA: DEMOCRACY OPENS DOORS TO BLACK EXECUTIVES

PRETORIA, Dic 31 (IPS) - THE ADVENT OF DEMOCRACY IN THE FORMER APARTHEID STATE LED MORE AND MORE SOUTH AFRICAN BUSINESSES TO APPLY AFFIRMATIVE ACTION IN 1994 AND PAVED THE WAY FOR BLACK- OWNED BUSINESS GROUPS TO GAIN CONTROL OF MAJOR COMPANIES.

STATISTICS SHOW THAT MORE BLACKS HAVE BEEN APPOINTED ON THE BOARDS OF TOP COMPANIES, INCLUDING INSURANCE GIANTS SANLAM AND OLD MUTUAL, WHILE THE SIZEABLE METROPOLITAN LIFE IS NOW ALMOST TOTALLY CONTROLLED BY BLACKS.

BUT ONE OF THE MOST SPECTACULAR SUCCESS STORIES IS THAT OF THE THEBE INVESTMENT CORPORATION.

THEBE, CONTROLLED BY THE BATHO BATHO TRUST WHICH TOOK OVER VARIOUS SMALL BUSINESSES OF THE AFRICAN NATIONAL CONGRESS (ANC) BEFORE THE APR. 26-29 ELECTIONS HERE, HAS NOW BECOME ONE OF THE TOP BLACK-OWNED COMPANIES IN SOUTH AFRICA.

IT RECENTLY ENTERED THE AVIATION INDUSTRY WITH THE ESTABLISHMENT OF SA EXPRESS, A LOCAL AIRWAYS SERVICE.

THIS WEEK ANOTHER BLACK CONSORTIUM GAINED JOINT CONTROL OF A GIANT FISHING COMPANY AFTER A TRANSACTION WORTH 18.3 MILLION U.S. DOLLARS. DON NCUBE, CHAIR OF REAL AFRICA INVESTMENT (RAI), SAID ON DEC. 22 THAT THE DEAL BETWEEN RAI AND THE TIGER OATS CORPORATION WILL INTRODUCE A NEW ERA IN THE FISHING INDUSTRY.

RAI IS A HUGE COMPANY REPRESENTING BLACK BUSINESSMEN, TRADE UNIONS, INFORMAL SAVINGS ORGANISATIONS, CHURCH GROUPS AND ANNUITY FUNDS.

SOON TO BE QUOTED ON THE JOHANNESBURG STOCK EXCHANGE, IT IS ONE OF TWO PARTNERS IN A CONSORTIUM THAT TOOK JOINT CONTROL OF THE GIANT OCEANA FISHING GROUP. THE OTHER IS A CAPE-BASED BLACK COMPANY REPRESENTING TRADE UNIONS, BUSINESS PEOPLE AND FISHERMEN.

OCEANA IS A DAUGHTER COMPANY OF TIGER OATS, WHICH IN TURN IS A BRANCH OF CG SMITH, A MEMBER OF THE GIANT BARLOW RAND GROUP.

NCUBE, WHO WILL BECOME CHAIRMAN OF OCEANA, SAID A SUBSTANTIAL PART OF RAI'S FUNDS CAME FROM TRADE UNIONS BASED IN THE WESTERN CAPE, EASTERN CAPE, KWAZULU/NATAL AND GAUTENG.

"OCEANA HAS IMPORTANT BUSINESS INTERESTS IN ALL THESE PROVINCES AND FITS IN VERY WELL WITH RAI'S INVESTMENT GOALS," HE ADDED.

© Inter Press Service (2014) — All Rights Reserved. Original source: Inter Press Service

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