Ceramic tile retailer cements BEE deal

HARNESSING OPPORTUNITIES: Italtile chief financial officer Peter Swatton. © Unknown.
HARNESSING OPPORTUNITIES: Italtile chief financial officer Peter Swatton. © Unknown.

JSE-listed ceramic tiles retailer Italtile (ITE) yesterday announced a broad-based black economic empowerment (BEE) transaction that will result in 10,7percent of the entire issued ordinary share capital of the company being in the hands of black-owned entities. The deal is worth in excess of R400million.

JSE-listed ceramic tiles retailer Italtile (ITE) yesterday announced a broad-based black economic empowerment (BEE) transaction that will result in 10,7percent of the entire issued ordinary share capital of the company being in the hands of black-owned entities. The deal is worth in excess of R400million.

The firm's brands include Italtile, CTM and Tivoli taps.

The proposed transaction will involve BEE groupings that comprise various beneficiaries including female groupings and Italtile staff.

The strategic BEE groupings include Mafumbuka Investment Holdings led by Spoornet chief executive Siyabonga Gama and Aka Capital led by Nedbank non-executive chairman and former Eskom non-executive chairman Ruel Khoza.

Announcing the transaction, Italtile chief financial officer Peter Swatton said that the group looked for empowerment partners "who we believe understand our industry and will enhance the group's ability to enter market segments where it did not enjoy a major presence." - I-Net Bridge

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