Tyre giant signs 25% BEE deal

Giant tyre manufacturer Bridgestone has signed a black economic empowerment deal with Abahle Investments, led by Zolile Maqetuka.

Giant tyre manufacturer Bridgestone has signed a black economic empowerment deal with Abahle Investments, led by Zolile Maqetuka.

Abahle has acquired 25percent of the company Bridgestone Maxiprest.

The main shareholders in Abahle are Siyahamba Engineering and the Ukhezo Co-operative.

Ukhezo's members come from previously disadvantaged communities in rural KwaZulu-Natal.

Maqetuka said the acquisition of a stake in Bridgestone, one of the largest companies in the tyre and rubber industry, was an opportunity to enter the automotive industry.

Bridgestone's chief executive, Harry Takenaka, said the Abahle group was chosen because of the company's faith in its ability to add value to the company.

The company is aligning itself with the BEE codes of good practice. This deal puts it on track to meet its scorecard objectives, he said.

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