SP Mine Safety (SA) has announced that it has concluded a transaction to bring on BG Safety as its Broad-Based Black Economic Empowerment (B-BBEE) equity partner.
BG Safety will take an equity interest of 25% + 1 share in SPMS SA to secure an ownership interest per B-BBEE guidance. SPMS SA anticipates this new partnership will enable SPMS to further grow and develop its business across the South African mining markets, while at the same time create added value for BG Safety.
“As a major supplier of mine safety technologies in South Africa, this partnership not only strengthens our corporate goals for continued safety in mining, but also demonstrates our support for the BEE’s economic transformation objectives,” states Ian Cillie, SPMS SA Managing Director.
Banzi Giyose, executive director & VP of BG Global said: “The Strata/ SP Mine Safety transaction and investment is a strategic addition to our portfolio of investments, thus, making it a key focus in ensuring that we continue to build value for our stakeholders and shareholders. The transaction has been a thorough and lengthy negotiation process, which has demonstrated both BG Safety’s resilience, resolve and willingness to be an incoming value-adding equity partner to Strata. I believe we will build a resilient firm that will continue to provide a superior quality service to various markets.”