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Elvey finalises BEE transaction

Elvey Security Technologies, a division of the JSE-listed Hudaco Group, is proud to announce that the Group has finalised a BEE transaction. The group's BEE shareholding increased to 25%, which achieves maximum points on the Department of Trade and Industry's (DTI's) Codes of Good Practice.

Jack Edery, Elvey CEO, says, "As a serious player in the security industry, we have a responsibility to do our part to implement empowerment strategies that create a winning environment - for us as a distributor, as well as our customers and suppliers." As reflected in South Africa's black economic empowerment strategy document, "No economy can grow by excluding any part of its people, and an economy that is not growing cannot integrate all of its citizens in a meaningful way."

Jack Edery

"Hudaco views BEE as a strategic imperative and sees it as an opportunity to make a meaningful contribution to the transformation and development of the South African economy and society in general," comments Hudaco CEO, Stephen Connelly. "We therefore designed a transaction structure that would not place difficult financial strain on our BEE shareholders, which we believe is quite rare. We sought a partnership with new BEE players, as well as empowering staff and communities. This structure gives the BEE shareholders full ownership and voting rights on the shares from day one."

Commenting on the transaction, Nene Molefi, a member of the Ulwazi BEE consortium says, "Hudaco is an excellent business, as the company has strong management, good corporate governance and sound financial risk management. We share the group's philosophies and values and feel privileged to become a strategic partner to Hudaco and look forward to making a contribution to its future growth."

Nene Molefi

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